Live Nation Reports Record Demand For Concerts and Experiences in Q2

Live Nation Entertainment last week released its second quarter earnings report with record income and event attendance as live events and experiences find their way back to pre-pandemic levels. The company reported revenue of $4.4 billion, which is up 40 percent from the comparable period in 2019, which was previously a record year.

Being able to once again compare numbers to 2019 after a dire 2020 and 2021 is great news and bodes well for the entire live entertainment industry heading into the back half of 2022. Live Nation noted that all key operating metrics are at an all-time high, which is in sharp contrast to the last two years, driven by record demand and spending on experiences.

In addition to revenue, operating income was $319 million, up 86 percent compared to Q2 2019, and AOI was up 50 percent. Live Nation President and CEO Michael Rapino noted in a statement that the growing demand from fans for live music and events is “far outpacing any macro issues or cost increases” and the company expects further growth this year and into 2022.

The second quarter also saw record concert attendance, with over 12,500 concerts promoted to 33.5 million fans — both metrics are up over 20 percent compared to the second quarter of 2019. The vast majority of these new fans came from international markets, particularly Latin America and Europe.

Ticket prices were also up 10 percent as inflation takes its toll, but overall, fans have shown that they are still willing to pay, and Live Nation data shows that they’re spending more onsite as well. So far in 2022, over 100 million tickets have been sold for Live Nation concerts, which is more than were sold during all of 2019, and sponsorships continue to grow as well.

“As we prepare for 2023, everywhere globally is open for concerts, and we are actively routing into all markets with the largest artist pipeline we have ever seen at this point in the year. For the 2023 tours we have put on sale so far, all signs continue pointing to strong fan demand,” concludes Rapino.