Reside Nation executives weren’t overpromising once they described intense provide and demand for concert events following the return of the touring enterprise. Within the second quarter, the live performance promoter set information for adjusted working revenue, fee-bearing gross transaction worth for ticket gross sales and quarterly attendance, the corporate introduced Thursday (Aug. 4).
Modify working revenue reached a file $479.6 million, 50% above pre-pandemic ranges in the identical interval in 2019, on income of $4.4 billion, 40% above the second quarter of 2019. AOI was solely $9.7 million within the second quarter of 2021 as Reside Nation had not but totally resumed its live performance and pageant schedule.
Live performance attendance reached 33.5 million followers from 12,500 concert events, every greater than 20% above 2019 ranges. The variety of followers in Reside Nation owned and operated venues rose 13% to over 14 million within the quarter.
Transacted fee-bearing ticket worth rose 48% to 77 million tickets with transacted GTV up 76% to a file $7.3 billion from the identical interval in 2019. Three-quarters of the expansion got here from concert events. On Ticketmaster’s secondary ticketing market, GTV greater than doubled from the second quarter of 2019.
Reside Nation has generated extra ticketing income by promoting some seats utilizing dynamic pricing that rises and falls to satisfy demand. Bruce Springsteen attracted attention to the follow in July when the very best seats for his 2023 U.S. tour. However elevating some major ticket costs, which places cash into artists’ pockets fairly than re-sellers, is more and more widespread and accepted inside the artist neighborhood. That is an enormous shift in worth from the secondary to major market.
“With market-based pricing being extensively adopted by most excursions, we anticipate to shift over $500 million from the secondary market to artists this 12 months, persevering with to help those that created the live performance and making certain they’re benefiting from it,” mentioned CEO Michael Rapino in a press release. On the similar time, the “common entry worth” for concert events was simply $33, up 5% from the identical interval in 2019.
Whereas U.S. inflation is the best in 4 a long time and inflation-adjusted client spending in June the slowest in two years, music followers are proving their willingness to spend for reside music. The typical ticket worth for concert events in 2022 is up 10% relative to 2019 — roughly in keeping with inflation over that point interval. On-site fan spending is up over 20% at Reside Nation’s venues — and up 30% at amphitheaters — in comparison with the identical interval in 2019. OCESA, the Mexican promoter Reside Nation acquired in Dec. 2021, was accountable for 5 million of the 6 million extra followers within the quarter.
Sponsorship income benefitted from the excessive demand for reside music. Pageant sponsorships greater than doubled from the identical interval in 2019, together with 9 new festivals in Mexico and Latin America that accounted for about half of the rise.
The rest of the 12 months and 2023 look sturdy. Reside Nation offered greater than 100 million tickets to its concert events this 12 months — greater than calendar 12 months 2019. Live performance bookings are up 30% for all venue sorts in comparison with the identical interval in 2019. And Reside Nation says its 2023 artist pipeline is the largest ever on the mid-year level. “Fan demand stays sturdy, with continued progress in ticket shopping for and on-site spending,” mentioned Rapino. “And given the long-term nature of most of our sponsorship partnerships, our deliberate sponsorship for the 12 months is now totally dedicated.”