Photo Credit: Live Nation
Live Nation reports another record year in annual revenues in fiscal 2023, jumping 36% to $22.7 billion, as fans continue flocking to shows after COVID-19 restrictions shuttered the live event sector for the better part of two years.
The promoter and ticketing giant saw record revenues in 2023, continuing to top its previous record in 2022 — with adjusted operating income doubling that from 2019, the last full year before the pandemic put the kibosh on the live events sector. Touring artists were in ample demand, with concert attendance jumping 20.3%.
Live Nation reported annual revenues in fiscal 2023 of $22.7 billion during the continued resurgence in attendance at concerts and other live events. That’s an increase of 36% from the year previous, with adjusted operating income of $1.86 billion, up 32% year-over-year.
Concertgoers in North America increased by 16.6% to 81.3 million, with international attendance rising 25.4% to 64.5 million. Naturally, the greatest attendance gains came from stadium shows like Beyonce, Luke Combs, and Metallica, with gains of 60% to 29 million. Additionally, the overall number of concerts increased 15.3% in North America (33,629), and 13.5% internationally (16,430).
“Our digital world empowers artists to develop global followings, while inspiring fans to crave in-person experiences more than ever,” said Live Nation President and CEO Michael Rapino. “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.”
At Live Nation-owned Ticketmaster, revenue increased 32% to $2.96 billion, with adjusted operating income rising 35% to $1.12 billion. The total number of fee-bearing tickets sold increased by 17% to 329 million; new clients accounted for 21 million additional tickets sold, with nearly 80% of those sold internationally.
The advertising and sponsorship division’s revenue increased by 13% to $1.1 billion, with adjusted operating income rising 14% to $675.1 million. Live Nation’s sponsorship business had over 100 partners with multi-million-dollar and multi-year commitments, led by growth in the technology, financial services, and beverage sectors.
