Live Nation reported earnings and revenue that blew away Wall Street's expectations.delivered its strong quarter ever, on pace for a record 2023 on the backs of concert darlings Taylor Swift and Beyoncé.
The majority of its revenue, about $6.97 billion, came from the company's concerts business, which consists of merchandise sales and production of live music events, followed by $833 million from ticketing.Live Nation sold a record 140 million tickets so far in 2023, up 17% from the same period last year and more than the 121 million the company sold in all of 2022.
This year also saw tours from the likes of Harry Styles, Billy Joel and Stevie Nicks, Journey, Bruce Springsteen and the E Street Band, Paramore, The Jonas Brothers, Carrie Underwood, SZA, Red Hot Chili Peppers, Reba McEntire, Lizzo, Blink-182 and Black Pink. Live Nation expects 55 million fans will have ventured to its venues by the end of 2023, up double-digits from 49 million fans in 2022.
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Source: CNBC - 🏆 12. / 72 Read more »