#Live Nation Says Concert Attendance Rose 20 Percent Year-Over-Year As Revenue Soars

Live Nation said it had its biggest year ever in 2023, in terms of both ticket sales and attendance. 

For the full year, the entertainment giant, which also owns Ticketmaster, said concert attendance was up 20 percent compared to last year, with more than 145 million fans attending more than 50,000 events. Ticketmaster sold 620 million tickets, up 13 percent from last year. 

Across 2023, which included tours from mega artists such as Taylor Swift and Beyoncé, total revenue was up 36 percent to reach $22.7 billion and operating income increased 46 percent to $1.07 billion.

In the fourth quarter, its most recent quarter, which is typically the slowest of the year, Live Nation reported total revenue of $5.8 billion, up 36 percent year over year, and operating income of $116.9 million, up 20 percent. Comparatively, in the third quarter, which was the company’s biggest quarter ever and typically the strongest of the year, the company had reported revenue of $8.2 billion and operating income of $619 million, up 22 percent compared to last year. 

In 2024, Live Nation said concert ticket sales are pacing up 6 percent, with 57 million tickets sold so far for this year. Sales for arenas and amphitheaters are up double-digits, according to the company. The company has 65% of 2024 already booked at this point, compared to the 50 percent that was booked at this point last year. 

Still there are few potential overhangs on the business, including consumer and congressional outrage over the errors in the Taylor Swift Eras Tour ticket-buying experience and an ongoing Department of Justice investigation into the company. In September, CFO Joe Berchtold said that he believes the investigation does not concern the merger of Live Nation and Ticketmaster, but rather certain business practices. 

“The live music industry reached new heights in 2023, and demand for live music continues to build. Our digital world empowers artists to develop global followings, while inspiring fans to crave in-person experiences more than ever,” stated Michael Rapino, president and CEO, Live Nation Entertainment, in the earnings release. 

Rapino added, “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. Against this backdrop, we expect all our businesses to continue growing and adding value to artists and fans as we deliver double-digit operating income and AOI growth again this year, with our profitability compounding by double-digits over the next several years.”