Live Nation Posts Another Record Year in 2023, Revenue Up 36% to Almost $23 Billion
Live Nation had another record year in 2023 as multiple superstar acts toured the world and live entertainment returned in earnest after the pandemic shut it down for nearly all of 2020 and 2021.
The world’s largest live-entertainment company saw revenue of $22.7 billion, up 36% from 2022, pointing to record attendance, ticket sales and sponsorships. Adjusted operating income was $1.86 billion, up 32% year-over-year.
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With Beyonce, Metallica, Luke Combs and many more on the road, attendance was up 20.3% to 145.8 million. Attendance in North America soared 16.6% to 81.3 million and international attendance climbed 25.4% to 64.5 million. The number of concerts staged by the company was up 15.3% to 33,629 in North America and 13.5% to 16,430 internationally. The number of international acts staged by the company was up a whopping 50%, partially due to its acquisition of Mexican promoter OCESA.
“Our digital world empowers artists to develop global followings, while inspiring fans to crave in-person experiences more than ever,” said president-CEO Michael Rapino. “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.
The concerts division’s revenue was up 39% to $18.76 billion, with its owned and operated venues seeing a 13% increase to 55 million.
At Live Nation’s Ticketmaster division, revenue was up 32% to $2.96 billion and AOI up 35% to $1.12 billion. Total gross-transaction value climbed 30% to $36 billion —26% in North America and 42% internationally. Fee-bearing ticket sales was up 17% to over 329 million.
Sponsorship and advertising revenue increased 13% to $1.1 billion and its AOI rose 14% to $675.1 million.
In the fourth quarter, which is traditionally much slower than the spring and summer seasons, the company’s revenue climbed 36% to $5.8 billion. Concert revenue rose a whopping 44% to $4.87 billion.
Although many are predicting a leveling-off in 2024 as fewer stadium-level superstars hit the road and the post-pandemic euphoria lessens, the company is all optimism looking forward. “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,” Rapino said, pointing to 57 million ticket sales through mid-February.
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