LOS ANGELES (CelebrityAccess) — On Thursday, Live Nation reported the results from their fourth fiscal quarter and for the full year of 2023, revealing record gains in revenue for the second year in a row.
According to Live Nation, the company posted revenue of $5.838 billion for the fourth quarter of 2023, up by 36% from the same period in 2022. Revenue from concerts amounted to $4.874 billion, a 44% improvement on the previous year while ticketing and sponsorships also saw year-over-year revenue growth of 14% and 4% respectively.
However, despite the revenue gains, Live Nation still posted an operating loss during the 4th quarter of 81.5 million, the company said.
For the full fiscal year of 2023, Live Nation saw revenue increase to $22.7 billion in FY 2023 compared to FY 2022, a shift of 36%. Operating income surged by 46% to $1.07 billion in FY 2023 while adjusted operating income (AOI) increased by 32% to $1.86 billion in FY 2023 compared to FY 2022, marking a doubling since 2019.
“The live music industry reached new heights in 2023, and demand for live music continues to build. Our digital world empowers artists to develop global followings, while inspiring fans to crave in-person experiences more than ever. At the same time, the industry is delivering a wider variety of concerts which draws in new audiences, and developing more venues to support a larger show pipeline. Against this backdrop, we expect all our businesses to continue growing and adding value to artists and fans as we deliver double-digit operating income and AOI growth again this year, with our profitability compounding by double-digits over the next several years,” stated Live Nation’s Michael Rapino.
According to Live Nation, total shows have increased year-over-year, with an estimated 33,629 North American concerts in 2023 along with 16,430 international shows, making for a total of 50,059 estimated events last year, up substantially from the estimated 43,645 shows from 2022.
Additionally, ticket sales boomed in 2023, with Live Nation reporting an estimated 620 million tickets sold during the year, up sharply from the estimated 550 million tickets sold in 2022.
For 2024, Live Nation is anticipating another strong year, with ticket sales already tracking 6% ahead of 2023 with 57 million tickets sold for shows this year, and arena and amphitheater sales up double-digits.
The company also cited strong demand across all price points with the ‘Lawnie’ season pass for participating amphitheaters up 25% year-over-year.
