A ‘roaring era’ for concerts and live events is coming, says Live Nation CEO

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After a year with almost no live shows, Live Nation’s Ticketmaster just had one of its best-ever months in North America, a sign that audiences are ready to head out for events, even as the new Covid delta variant is on the rise. .

On Tuesday, the world’s largest live entertainment company reported second-quarter profits, which saw revenues soar to $575.9 million, up 677% from the same period last year when large gatherings were limited due to the rampant spread of the coronavirus.

Live Nation’s net loss fell to $195.7 million, from $587.5 million in the same period a year ago.

“The momentum for the return to live events is increasing every month, with ticket sales and concert attendance faster than expected, underscoring the strength and resilience of the concert business and live events in general,” said CEO Michael Rapino during the earnings call. business. call tuesday.

The company said most of its festivals are selling out quickly and average ticket prices are up 10% from 2019 levels.

For Ticketmaster, which is wholly owned by Live Nation, June was the fourth best month in history in terms of ticket volume. The company said this was in part due to a record number of US concerts being on sale.

“We expect more than 3 million fans to attend our festivals in the second half of the year, with approximately two-thirds of our festivals increasing their attendance compared to 2019,” said Rapino. “While we’re still early, we’ve seen a strong double-digit increase in average revenue per fan and on-site spend over the past few weeks on our amphitheater shows.”

Rapino said 2022 and 2023 will be a “roaring era” for concerts and other live events.

Ticket sales have pushed the company’s deferred revenue to $2.1 billion, ahead of Live Nation’s $1.6 billion at the end of the second quarter in 2019. This revenue is separate from the company’s other revenue, as it involves prepayments for events that haven’t happened yet.

Live Nation’s deferred revenue is linked to more than 25 million concert tickets sold in the second half of 2021 and 14 million event tickets sold in 2022.

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