(L) Taylor Swift performs onstage throughout her The Eras Tour at Paycor Stadium in Cincinnati, Ohio, on June 30, 2023. (R) Beyoncé performs onstage throughout her Renaissance World Tour on the Johan Cruyff Area in Amsterdam, Netherlands, on June 17, 2023.
Ticketmaster guardian firm Live Nation Entertainment delivered its strongest quarter ever, on tempo for a document 2023 on the backs of live performance darlings Taylor Swift and Beyoncé.
Increased ticket costs and pent-up demand for reside reveals helped increase income up 32% to $8.2 billion within the third quarter, considerably larger than the $6.99 billion anticipated, in keeping with LSEG, previously often known as Refinitiv.
Shares of the corporate jumped greater than 3% after the closing bell Thursday.
Nearly all of its income, about $6.97 billion, got here from the corporate’s concert events enterprise, which consists of merchandise gross sales and manufacturing of reside music occasions, adopted by $833 million from ticketing.
Listed here are the outcomes:
- Earnings per share: $1.78 vs. $1.27 per share anticipated, in keeping with LSEG
- Income: $8.15 billion vs. $6.99 billion anticipated, in keeping with LSEG
For the interval ending Sept. 30, Reside Nation posted earnings of $483.5 million, or $1.78 a share, up from $361.4 million, or $1.39 a share, a 12 months earlier.
Reside Nation offered a document 140 million tickets up to now in 2023, up 17% from the identical interval final 12 months and greater than the 121 million tickets the corporate offered in all of 2022.
Lots of these tickets had been for overlapping excursions from Swift and Beyoncé. The powerhouse singers have generated billions in income for the live performance business in addition to billions for the home economic system prior to now 12 months.
To not point out, each are taking turns on the film field workplace. Swift’s The Eras Tour live performance movie broke records in the space during its theatrical release in October, producing greater than $200 million globally. Beyoncé is up subsequent with the release of her Renaissance Tour documentary in December.
This 12 months additionally noticed excursions from the likes of Harry Types, Billy Joel and Stevie Nicks, Journey, Bruce Springsteen and the E Road Band, Paramore, The Jonas Brothers, Carrie Underwood, SZA, Purple Sizzling Chili Peppers, Reba McEntire, Lizzo, Blink-182 and Blackpink.
Followers are spending extra as soon as they’re at these concert events, too. Reside Nation stated per-fan profitability jumped double digits, outpacing price inflation.
Reside Nation expects 55 million followers can have ventured to its venues by the tip of 2023, up double digits from 49 million followers in 2022.
There might be extra for them to see in 2024. Reside Nation reported Thursday that about half the anticipated present depend for subsequent 12 months is booked for giant venues, up double digits from the 12 months prior. Whereas Beyoncé has wrapped up her Renaissance World Tour, Swift is ready to start the worldwide leg of her The Eras Tour in late November.
Additionally on the docket for 2024 is Coldplay, Metallica, Pink, Bruno Mars, Aerosmith, Foo Fighters and Ed Sheeran. The Rolling Stones are anticipated to go on tour, too.
Round 17 million web new shopper tickets had been added up to now in 2023, with half coming from worldwide markets, the corporate stated.
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