MBW’s Stat Of The Week is a series where we highlight a unique data point that deserves the attention of the global music industry. The stat of the week is supported by Cinq music groupa technology-driven record, distribution and rights management company.
Live music lockdown hiatus feels like a distant memory this week in the wake of investor presentation for the quarter ending June 30, 2022, the live event giant has sold 100 million concert tickets in 2022 so far, which, it says, is already more than it sold for the entire year in 2019 .
Offering its prediction for the whole year, the company claim (it is that “2022 is on track to be the biggest year in live music history.”
In his letter to shareholders, Live Nation Chairman and CEO Michael Rapino stated that “the second quarter confirmed that the live entertainment industry is back globally and bigger than ever” and further suggested that ” Live Nation led this comeback.”
Rapino added: “Every key operating metric is at an all-time high, as we promoted more concerts, more fans attended shows they spent more money on, sold more tickets, and enabled brands to connect with fans on a scale that we had never seen. prior to.”
In terms of finances, Live Nation reports that it generated revenue of $4.4 billion across all divisions in the second quarter, including concerts, ticket sales, and advertising and sponsorship.
That second-quarter revenue figure increased 40% versus the same quarter in 2019, the year before the first year of the pandemic. It also increased $3.8 billion compared to the same quarter last year when the company generated $575.9 million as live business began to reopen in markets such as the UK and US in conjunction with national vaccination programs.
Live Nation’s concert division was its largest revenue generator in the second quarter of 2022, generating $3.6 billion throughout the quarter (see below). The company’s ticketing business generated $575.3 million in Q2.
The company reports promoting more than 12,500 concerts in the second quarter, with 33.5 million fans in attendance, each up more than 20% from the same quarter in 2019.
According to Rapino, of the more than 6 million additional fans who attended concerts in the second quarter, 5 million of that growth came from international markets, driven, in part, by the acquisition of the developer OCESA based in Mexico. Live Nation says it also saw particularly strong fan demand through Europe and Latin America.
According to Live Nation’s balance sheet for the first six months of the year, the company generated revenue $6.2 billion across all divisions, including concerts, ticket sales, and advertising and sponsorship.
The company’s ticketing division contributed $1.05 billion to that total figure in the first half, an increase of $783.4 million compared to the first six months of 2021.
Live Nation’s concert business revenue for the first six months of the year reached $4.8 billion an increase of almost $4.3 billion compared to the $526 million generated in the first six months of 2021 (see below).
Elsewhere in Live Nation’s investor presentation, the company reports that it has an “active pipeline” of nearly 30 new locations around the world.
The company further reports that the number of fans attending shows at its owned or operated venues during the second quarter increased 13% year over year to more than 14 million fans. Live Nation expects that figure to exceed 50 million fans throughout the year.
Live Nation also reports that fans are spending more at their venues, with average revenue per fan up more than 20% at the amphitheaters, festivals, theaters and clubs it owns and operates relative to the same quarter in 2019.
Live Nation says the average revenue per fan at its amphitheaters this year is $38.5030% more relative to this point in 2019 (see below).
From June 30, 2022Live Nation’s total cash and cash equivalents were $5.9 billionwhat includes $1.4 billion in the issuance of customer cash notes and $1.9 billion free cash.
Live Nation says that this free money, along with $563.8 million of the available borrowing capacity, grants the company $2.5 billion of available liquidity.
“As we prepare for 2023, the whole world is open for concerts, and we are actively targeting all markets with the largest artist pipeline we have ever seen at this time of year.”
Michael RapinoLive Nation
Live Nation Entertainment, President and CEO, Michael Rapino said: “As we look ahead to the second half of 2022 and into 2023, we have sold over 100 million tickets for our concerts this year, more than we sold for the entire year in 2019.
“Fan demand remains strong, with continued growth in ticket purchases and on-site spending. And given the long-term nature of most of our sponsorship partnerships, our planned sponsorship for the year is now fully committed.
“As we prepare for 2023, the whole world is open for concerts, and we are actively targeting all markets with the largest artist pipeline we have ever seen at this time of year.
“For the 2023 tours we have put up for sale thus far, all signs continue to point to strong fan demand.”
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