Reside Nation has already bought 100m tickets for concert events in 2022 – greater than it bought in the entire of 2019
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Reside music’s lockdown hiatus seems like a distant reminiscence this week within the wake of Live Nation‘s wholesome Q2 outcomes.
In line with the corporate’s investor filing for the quarter ended June 30, 2022, the stay occasions large has bought 100 million tickets for concert events in 2022 to date, which, it says, is already greater than what it bought for the entire 12 months in 2019.
Providing its prediction for the complete 12 months, the corporate claims that “2022 is on observe to be the largest 12 months in stay music historical past”.
In his letter to shareholders, Reside Nation President & CEO Michael Rapino claimed that “the second quarter confirmed that the stay leisure business is again globally and greater than ever” and instructed additional that “Reside Nation led this return”.
Added Rapino: “Each key working metric is at an all-time excessive, as we promoted extra concert events, had extra followers attend reveals the place they spent extra money, bought extra tickets and enabled manufacturers to attach with followers at a scale we’ve by no means seen earlier than.”
When it comes to funds, Reside Nation stories that it generated revenues of $4.4 billion throughout all divisions in Q2, together with concert events, ticketing and promoting & sponsorship.
That Q2 income determine was up 40% versus the identical quarter in 2019, the 12 months earlier than the primary pandemic 12 months. It was additionally up $3.8 billion versus the identical quarter final 12 months, when the corporate generated $575.9 million because the stay enterprise began reopening in markets such because the UK and the US alongside nationwide vaccination packages.
Reside Nation’s concert events division was its greatest income driver in Q2 2022, producing $3.6 billion throughout the quarter (see under). The corporate’s ticketing enterprise generated $575.3 million in Q2.
The corporate stories to have promoted over 12,500 concert events in Q2, with an attendance of 33.5 million followers, every up over 20% relative to the identical quarter in 2019.
In line with Rapino, of the 6 million-plus further followers attending concert events in Q2, 5 million of that development got here from worldwide markets, pushed, partially, by the corporate’s acquisition of Mexico-headquartered promoter OCESA. Reside Nation says that it additionally noticed notably robust fan demand by means of Europe and Latin America.
In line with Reside Nation’s steadiness sheet for the primary six months of the 12 months, the corporate generated revenues of $6.2 billionthroughout all divisions, together with concert events, ticketing and promoting & sponsorship.
The corporate’s ticketing division contributed $1.05 billion to that complete determine in H1, up $783.4 million versus the primary six months of 2021.
Income from Reside Nation’s concert events enterprise within the first six months of the 12 months reached $4.8 billion, a rise of practically $4.3 billion in comparison with the $526 million generated within the first six months of 2021 (see under).
Elsewhere in Reside Nation’s investor submitting, the corporate stories to have an “energetic pipeline” of virtually 30 new venues worldwide.
The corporate stories additional that the variety of followers who attended reveals at its owned or operated venues throughout Q2 was up 13% YoY to over 14 million followers. Reside Nation expects that determine to succeed in over 50 million followers for the complete 12 months.
Reside Nation additionally stories that followers are spending extra on-site at its venues, with common income per fan up over 20% at its owned and operated amphitheaters, festivals, and theaters and golf equipment relative to the identical quarter in 2019.
Reside Nation says that the common income per fan at its amphitheaters this 12 months is $38.50, up 30% relative thus far in 2019 (see under).
As of June 30, 2022, Reside Nation’s complete money and money equivalents have been $5.9 billion, which incorporates $1.4 billion in ticketing consumer money and $1.9 billion in free money.
Reside Nation says that this free money, together with $563.8 million of obtainable debt capability, offers the corporate $2.5 billion of obtainable liquidity.
“As we put together for 2023, all over the place globally is open for concert events, and we’re actively routing into all markets with the biggest artist pipeline we’ve ever seen at this level within the 12 months.”
Michael Rapino, Reside Nation
Reside Nation Leisure, President and Chief Government Officer, Michael Rapino, mentioned: “As we sit up for the second half of 2022 and into 2023, we’ve bought over 100 million tickets for our concert events this 12 months, greater than we bought for all the 12 months in 2019.
“Fan demand stays robust, with continued development in ticket shopping for and on-site spending. And given the long-term nature of most of our sponsorship partnerships, our deliberate sponsorship for the 12 months is now totally dedicated.
“As we put together for 2023, all over the place globally is open for concert events, and we’re actively routing into all markets with the biggest artist pipeline we’ve ever seen at this level within the 12 months.
“For the 2023 excursions we’ve placed on sale to date, all indicators proceed pointing to robust fan demand.”