Live Nation Entertainment revealed Friday that concert attendance increased 20% in 2023, the year global pop sensations Beyoncé and Taylor Swift launched their successful greatest hits tours.
The Beverly Hills-based ticket seller and concert promoter also noted in its latest earnings report that ticket sales were up 30%, with more than 620 million tickets sold by Ticketmaster, generating nearly $36 billion. In 2023 alone, more than 145 million people attended more than 50,000 live events, the company reported.
All of this has led the live music giant to increase its revenue by 36% in 2023 to $22.7 billion, and increase its operating income by 46% to $1.07 billion.
“The live music industry reached new heights in 2023 and demand for live music continues to increase,” Michael Rapino, CEO of Live Nation, said in a statement on Friday.
“Our digital world allows artists to develop a global following, while inspiring fans to crave in-person experiences more than ever. At the same time, the industry is offering a wider variety of concerts that attract new audiences and is developing more venues to support a broader portfolio of shows,” the statement continued.
Much of that success is due to two of music's biggest stars, Beyoncé and Swift. The former's Renaissance tour racked up over $575 million in ticket sales, while the latter's Eras tour is estimated to have racked up over $700 million.
Both artists further capitalized on the popularity of their tours by releasing concert films through AMC Theaters; They have grossed a combined total of $305.7 million worldwide.
In early 2023, the Senate Judiciary Committee held a hearing on Ticketmaster, Live Nation, and the US ticketing market after colossal demand for Swift's Eras tour caused Ticketmaster to collapse, leading to a class action lawsuit filed by disgruntled Swifties against Ticketmaster.
The hearing examined alleged anti-competitive practices by Live Nation and Ticketmaster, which control approximately 80% of the ticket sales market. The Justice Department also launched an investigation into the practices of ticket sellers.
“Ticketmaster gets a lot of criticism,” Joe Berchtold, president and chief financial officer of Live Nation Entertainment, said during the Senate hearing in January 2023.
“But I can say with great confidence that technologically Ticketmaster is a much better ticketing system today than it was in 2010. Its top sales performance is the best in the industry, it has the best marketing capabilities of any ticketing system and is by far the leader in preventing fraud and getting tickets into the hands of real fans.”
