(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 Arena in Amsterdam, Netherlands, on June 17, 2023.
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Ticketmaster parent 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.
Higher ticket costs and pent-up demand for reside reveals helped increase income up 32% to $8.2 billion within the third quarter, considerably greater than the $6.99 billion anticipated, in response to LSEG, previously recognized as Refinitiv.
Shares of the corporate jumped greater than 3% after the closing bell Thursday.
The majority of its income, about $6.97 billion, got here from the corporate’s live shows enterprise, which consists of merchandise gross sales and manufacturing of reside music occasions, adopted by $833 million from ticketing.
Here are the outcomes:
- Earnings: $1.78 per share vs. $1.27 per share anticipated, in response to LSEG
- Revenue: $8.15 billion vs. $6.99 billion anticipated, in response to LSEG
Live Nation offered a document 140 million tickets to this point in 2023, up 17% from the identical interval final yr and greater than the 121 million the corporate offered in all of 2022.
Many of these tickets have been for overlapping excursions from Swift and Beyoncé. The powerhouse singers have generated billions in income for the live performance trade as nicely as billions for the home economic system within the final yr.
Not to say, each are taking turns on the film field workplace. Swift’s 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 yr additionally noticed excursions from the likes of Harry Styles, Billy Joel and Stevie Nicks, Journey, Bruce Springsteen and the E Street Band, Paramore, The Jonas Brothers, Carrie Underwood, SZA, Red Hot Chili Peppers, Reba McEntire, Lizzo, Blink-182 and Black Pink.
Fans are spending extra as soon as they’re at these live shows, too. Live Nation stated per-fan profitability jumped double-digits, outpacing price inflation.
Live Nation expects 55 million followers may 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. Live Nation reported Thursday that about half of the anticipated present depend for subsequent yr is booked for giant venues, up double-digits from the yr prior. While Beyoncé has wrapped up her Renaissance world tour, Swift is ready to start the worldwide leg of her Eras Tour in late November.
Also 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.
Around 17 million web new shopper tickets have been added to this point in 2023, with half coming from worldwide markets, the corporate stated.
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