LOS ANGELES (CelebrityAccess) — Live Nation released their annual report to investors, revealing the company’s best year ever amid a recovery from the COVID-19 pandemic.
In 2022, Live Nation realized overall revenue of $16.7 billion, up sharpyl from the $6.3 billion the company reported in 2021.
According to Live Nation, the company saw revenue growth across all three sectors, with concerts being a key driver for the year.
Live Nation’s concert segment grew by $8.8 billion, from $4.7 billion in 2021 to $13.5 billion in 2022, with the company staging approximately 43,600 events with record-breaking attendance of about 121 million fans compared to 35 million last year.
Adjusted operating income from concerts for 2022 tipped over into the black, up by $391 million, from a loss of $221 million in 2021 to income of $170 million in 2022. The company also reported that fans spent during events with ancillary fan spend increasing by 25% year-over-year at Live Nation’s amphitheaters while the company’s theaters and clubs in the U.S. and UK also generating double digit gains.
“This was our highest annual fan count ever, powered by growth across our major divisions, the addition of the OCESA business in Mexico as well as the impact of rescheduled shows. All of our large venue types had double-digit attendance growth this year compared to 2019. In particular, stadium fan count more than doubled to over 18 million fans globally. Some of the top acts in the year included Coldplay, Harry Styles, Bad Bunny and Billie Eilish. And our nearly 150 festivals attracted over 13 million fans globally, powered by global brands including Lollapalooza, Electric Daisy Carnival and Rock in Rio Brazil,” Rapino said.
Ticketing revenue doubled in 2022, growing from $1.1 billion in 2021 to $2.2 billion in 2022. Adjusted operating income AOI for the segment increased by $407 million in 2022, from $421 million in 2021 to $828 million last year.
Ticketing AOI for the year increased by $407 million, from $421 million in 2021 to $828 million in 2022 which Live Nation tactfully attributed “upward pricing momentum and revenue generated from non-service fee sources.”
According to Live Nation, the company sold a record breaking 281 million fee-bearing tickets for the year, more than 50 million more than their best year previously with results boosted by ticket prices that were up by 20% over 2019.
Additionally, the company’s secondary market business generated record revenue for the year, driven by both concerts and sports ticketing.
“This is a reflection of the quality of the Ticketmaster platform and its continued popularity with clients across the globe, giving us confidence that the Ticketmaster features and functionality will continue to fuel growth going forward,” Rapino stated.
Live Nation also reported $968 million in revenue from its Sponsorships and Advertising segment, more than doubling the results from the previous year. Live Nation attributed gains to new purchase path integrations with partners, the acquisition of OCESA and their biggest-ever festival season that included the bi-annual Rock in Rio.
“We are optimistic about the long-term potential of our Company and are focused on the key elements of our business model: expanding our concerts platform with more shows and fans in existing and new markets as well as improving the on-site experience for our fans by optimizing pricing and introduce enhancing food and beverage products. We will drive conversion of ticket sales through development of innovative products like Verified Fan that protects our fans. Our digital sales platforms have reduced friction in the ticket purchase experience and created new and unique opportunities. As a result, we continue to grow our sponsorship and advertising partnerships and our clients are able to reach their customers via the powerful connection that live shows creates with music lovers,” Rapino noted.
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