Live Nation Reports Biggest Quarter Yet as Q3 2023 Revenue Skyrockets 32% to $8.2 Billion

Live Nation’s Q3 2023 earnings report reveals $8.2 billion in revenue across all divisions, including concerts, ticketing, and advertising & sponsorship. This represents a 32% YoY increase, marking their highest quarterly revenue achievement to date.

The company further reports selling 140 million tickets for their shows between Q1 to Q3 2023 (January to September 30), indicating a 17% YoY increase. This has already surpassed the total of 121 million tickets sold in 2022.

Live Nation’s CEO, Michael Rapino attributes this performance to an unparalleled global demand for concerts across all levels, from intimate small clubs to grand stadium events.

Live Nation further reveals their concert business achieved $7 billion in revenue, marking a 32% year-over-year increase. In addition, Live Nation’s ticketing business, Ticketmaster saw revenue of $832 million in Q3, a 57% increase compared to the previous year.

Live Nation witnessed a 7% increase in Sponsoring and Advertising revenues year-over-year, reaching $367 million. The company regards this quarter as its strongest ever as it’s on the verge of having a record-breaking 2023.

This feat is largely attributed to the accelerated structural growth within the live entertainment industry. So, ahead of 2024, Live Nation will be exploring untapped opportunities in Milan, Bogota, Tokyo, and beyond.

This post wasn’t initially scheduled for today but I’m putting it out now for obvious reasons - if you’ve been following the discourse on social media about the purported waning demand for Afrobeats concert (check here and here). I’m trying to make sense of the situation, especially how it seemingly contradicts Rapino’s claim of unprecedented demand for concerts, which of course, is evident in Live Nation’s balance sheet.

Considering this update, are you able to draw any conclusions yet?