Live Nation Entertainment revealed Friday that live performance attendance jumped by 20% in 2023 — the 12 months world pop sensations Beyoncé and Taylor Swift launched their blockbuster greatest-hits excursions.
The Beverly Hills-based ticket vendor and live performance promoter additionally famous in its newest earnings report that ticket gross sales had been up 30%, with greater than 620 million tickets offered by Ticketmaster bringing in practically $36 billion. In 2023 alone, greater than 145 million folks attended upwards of fifty,000 dwell occasions, the corporate reported.
All of this has led to the dwell music behemoth growing its income by 36% in 2023 to $22.7 billion, and rising its working revenue by 46% to $1.07 billion.
“The live music industry reached new heights in 2023, and demand for live music continues to build,” Michael Rapino, chief govt of Live Nation, stated Friday in a press release.
“Our digital world empowers artists to develop global followings, while inspiring fans to crave in-person experiences more than ever. At the same time, the industry is delivering a wider variety of concerts which draws in new audiences, and developing more venues to support a larger show pipeline,” the assertion continued.
Much of that success is thanks to 2 of music’s greatest stars, Beyoncé and Swift. The former’s Renaissance tour racked up greater than $575 million in ticket gross sales, whereas the latter’s ongoing Eras tour is estimated to have amassed greater than $700 million.
Both artists additional capitalized on their excursions’ recognition by releasing live performance motion pictures by way of AMC Theatres; they’ve grossed a mixed whole of $305.7 million worldwide.
In early 2023, the Senate Judiciary Committee held a listening to on Ticketmaster, Live Nation and the United States ticketing market after colossal demand for Swift’s Eras tour resulted in a Ticketmaster meltdown — spurring a category motion lawsuit filed by disgruntled Swifties towards Ticketmaster.
The listening to scrutinized alleged anticompetitive practices by Live Nation and Ticketmaster, which management an estimated 80% of the ticketing market. The Department of Justice additionally has launched an investigation into the ticket distributors’ practices.
“Ticketmaster comes under a lot of criticism,” Joe Berchtold, president and chief monetary officer of Live Nation Entertainment, stated throughout the Senate listening to in January 2023.
“But I can say with great confidence that technologically Ticketmaster is a much better ticketing system today than it was in 2010. Its performance in large on-sales is the best in the industry, it has the best marketing capabilities of any ticketing system, and it is far and away the leader in preventing fraud and getting tickets into the hands of real fans.”
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Source: www.bostonherald.com”