MBW’s Stat Of The Week is a collection during which we spotlight an information level that deserves the eye of the worldwide music business. Stat Of the Week is supported by Cinq Music Group, a technology-driven file label, distribution, and rights administration firm.
Live Nation Leisure President and CEO Michael Rapino instructed buyers on Thursday (November 2) that there’s “unprecedented world need for concert events”.
Talking on the live performance big’s Q3 earnings name, Rapino defined that the promoter is seeing this “unprecedented” demand for reside music “occurring in any respect ranges with each informal and diehard followers and from small golf equipment to large stadium occasions”.
That demand for reside leisure is apparent to see on Stay Nation’s third-quarter stability sheet, with the live performance big posting Q3 revenues of $8.2 billion throughout all of its divisions, together with concert events, ticketing and promoting & sponsorship.
That Q3 income determine, which was up 32% YoY, marked the corporate’s biggest-ever quarterly income haul and units Stay Nation up for what it forecasts to be a file 12 months.
Amongst the highlights pointed to inside Stay Nation’s latest results (for Q3 and the primary 9 months of the 12 months) have been {that a} file variety of followers have attended its personal reveals this 12 months.
Stay Nation reviews that it has offered 140 million tickets to its reveals year-to-date, up 17% YoY – with that quantity already surpassing its FY 2022 complete of 121 million.
Breaking down the corporate’s monetary outcomes for Q3 reveals that Stay Nation’s concert events enterprise generated $7 billion through the quarter, up 32% YoY.
Stay Nation reviews that this consequence was pushed by “file attendance, fueled by energy throughout all markets, venues, and value factors”.
In the meantime, Stay Nation’s ticketing enterprise, Ticketmaster, generated $832 million in Q3, up57% YoY.
Stay Nation reviews that Ticketmaster (which additionally sells tickets for reveals promoted by firms aside from Stay Nation) has offered 257 million “fee-bearing tickets” year-to-date, up 22% YoY.
The ticketing firm can be reported to be on observe to handle over 600 million tickets this 12 months, together with “properly over” 300 million fee-bearing tickets.
Sponsorship & Promoting revenues at Stay Nation reached $367 million, up 7% YoY (see above).
Trying to 2024, Stay Nation reviews that it has “robust live performance calendar” with event-related deferred income up 39% to$2.6 billion (vs Q 3 2022), reflecting continued momentum into 2024″.
The corporate additionally provides that “roughly half of [the] anticipated present depend” is already booked for big venues in 2024.
Credit score: Stay Nation/press
“At the moment we delivered our strongest quarter ever and are on tempo for a file 2023, pushed in good half by the acceleration of structural progress within the reside leisure business.”
Michael Rapino, Stay Nation Leisure
Commenting on the corporate’s newest outcomes, Michael Rapino, President and CEO, Stay Nation Leisure, mentioned: “At the moment we delivered our strongest quarter ever and are on tempo for a file 2023, pushed in good half by the acceleration of structural progress within the reside leisure business.
Added Rapino: “Whereas we’ve benefitted from tailwinds for a few years, it has accelerated because of the globalization of our enterprise together with a basic shift in shopper spending habits towards experiences.
“With nearly all of alternative nonetheless untapped from Milan to Bogotá to Tokyo and past, we anticipate the business will proceed rising in 2024 and for years to come back.”
