Concerts giant Live Nation generated revenues of $16.7 billion in 2022, with the concerts business being its primary revenue driver, generating $13.5 billion in 2022. The company also says that it "invested $9.6 billion in putting on artists’ shows in 2022" and claims to be "the largest contributor to artist income".
World’s largest concert promoter, Live Nation returned to profit last quarter after about two years of losses, citing the return of summer shows following Covid-19 lockdowns, Bloomberg reports. Adjusted operating income amounted to $305.7 million in the third quarter, rebounding from a $319.2 million loss a year earlier. Revenue soared to $2.7 billion.
Live Nation announced a run of new $20 “all in” ticket prices for nearly 1,000 outdoor amphitheater shows in the US taking place this year, Music Business Worldwide reports. Artists who will be playing shows under the $20 ticket offer include the Jonas Brothers, Kings Of Leon, Zac Brown Band, Trippie Redd, Maroon 5, Alanis Morissette, Lil Baby, KISS, and Korn. The $20 tickets will be available to the general public starting next Wednesday, July 28th at 12pm ET/9am PT on LiveNation.com for a limited time only.
Variety reports on interesting statistics published by Live Nation about fans and rescheduled concerts. Live Nation says that 86% of fans have chosen to hold onto their tickets for rescheduled shows instead of asking for refunds, “indicating a strong desire to attend concerts in the future”. The number of fans throwing their tickets for festivals into the following year is also big, at about two-thirds. There's more - tickets for next summer festivals in Europe have already gone on sale, and 19 million tickets have been sold.
Live Nation has set up a plan for concert season 2021 that would see artists taking more risk and financial burden, as Billboard reports. Live Nation wants to reduce artist fees by 20 percent from 2020 levels. If a festival is canceled because of poor ticket sales, the giant promoter wants the artist to get 25 percent of the guarantee (now it's a full guarantee). If an artist pulls out of a fest without good reason, Live Nation wants the artist to pay a penalty of double that guarantee (now, artists owe the promoter nothing in that case).
Live Nation’s CEO Michael Rapino said the company would test crowdless broadcasted shows along with drive-in concerts and reduced capacity festival shows over the summer - “we’re going to dabble in fanless concerts with broadcasts, we’re going to go and do reduced capacity shows because we can make the math work”. Rapino explained to Rolling Stone - “There are a lot of great artists that can sell out an arena, but they’ll do 10 higher end smaller theaters or clubs. We’re seeing lots of artists chomping to get back out once it’s safe”. And fans? - Live Nation says that 90% of ticket buyers are choosing to keep their tickets and wait for a new show rather than get their money back.
Live Nation has updated its concert refund policy, enabling fans to get a full refund for the event no matter if it was cancelled or if it was postponed, New York Times reports. Fans who want a refund for a cancelled event, they will automatically receive a refund. If the show has been rescheduled, however, fans must request a refund within 30 days of the new show date being announced. Otherwise, tickets for the postponed event will be automatically valid for the new date. "Ticket Relief Plan" officially goes into effect on May 1, when ticket-holders will begin getting emails from Live Nation. Visit Live Nation's ticket refund website here.
Live Nation has established Crew Nation, a new charitable fund to help support concert crews around the world impacted by the coronavirus pandemic, Variety reports. "Crew members are the backbone of the live music industry" - the entertainment company said, committing $10 million - a $5 million donation directly to the fund and another $5 million to match contributions by artists, fans and employees dollar-for-dollar. Live Nation president and CEO Michael Rapino's family will be personally donating $250,000. Crew Nation has been designed to help tour managers, production managers, riggers, sound engineers, backline techs, lighting directors/designers, special effects teams, carpenters and more.
