Live Nation Nearly Tripled Its Revenue From 2021 to 2022

Live Nation increased its revenue in 2022 by a whopping 166 percent over its 2021 revenue, all while ticket prices for concertgoers also increased, as the live event conglomerate’s newly reported earnings reveal. Last year’s figures pointed to the huge jump.

Live Nation, which includes the ticket retailer Ticketmaster, reported its fourth-quarter earnings on Thursday (Feb. 23), showing its total 2022 revenue hit a record $16.7 billion, Billboard reported.

Indeed, that’s a 166-percent increase — nearly three-fold — over its 2021 revenue ($6.27 billion, per Variety). It’s a 44-percent increase over its pre-pandemic revenue in 2019 ($11.55 billion), which is the figure Live Nation touted to investors this week. And while 2021’s slow return of concerts versus a fairly bustling 2022 amid declining COVID-19 accounts for some of the difference, the contrast is still staggering.

Concert Ticket Prices Keep Going Up

Ticketmaster has long maintained a stronghold on concert ticket sales in the United States. In 2010, the retailer merged with Live Nation, the promoter, to become a singular company.

Live Nation logo on smart device.

Pavlo Gonchar, Getty Images

loading…

Last year, a group of U.S. concertgoers sued Live Nation Entertainment — the corporation enveloping both companies — for allegedly violating antitrust laws and using what they called “predatory” selling. But the concert giant emerged victorious when the court ruled that ticket buyers had waived their rights to sue in favor of arbitration per the company’s terms and conditions.

Live Nation’s Record 2022 Revenue

In Live Nation’s 2022 SEC filing, the corporation breaks down its yearly numbers, explaining, “Our concerts business generated $13.5 billion, or 80.9 percent, of our total revenue during 2022. We promoted more than 43,600 live music and other events in 2022.”

In a revealing passage, it adds that “approximately 270 million tickets were sold using our Ticketmaster systems. … As ticket sales increase, related ticketing operating income generally increases as well.”

Sean Gardner, Getty Images

Sean Gardner, Getty Images

loading…

See Live Nation’s 2022 financial results at this link. Find the corporation’s 2022 FEC filing here. See the 2021 numbers at this link.

Artists Who Tried Their Best to Combat Scummy Concert Ticket Practices

Source

Author: showrunner