Live Nation revenue hits record $22.7B as concert spending surges

Live Nation's revenue surges on bigger shows and upsells

Live Nation Entertainment reported fourth-quarter revenue of $5.84 billion, surpassing Wall Street's expectations. The parent company of Ticketmaster attributed the growth to larger-scale events, international expansion, and increased consumer spending on premium experiences at concerts.

The company's full-year 2023 revenue hit a record $22.7 billion. This represents a 36% increase from the previous year, driven by what CEO Michael Rapino called "the continued global growth of live music."

Concertgoers are spending more than ever

A key driver of growth was "fan monetization," which includes everything from VIP packages to food and beverage sales at venues. Live Nation reported that its average concertgoer spent $40.92 beyond the ticket price in 2023, a new high.

This upsell strategy, combined with a 20% increase in the number of fans attending shows, fueled significant gains. The company sold 145 million fee-bearing tickets through Ticketmaster last year, a 14% jump from 2022.

• Full-year revenue: $22.7 billion (up 36%)
• Q4 revenue: $5.84 billion (beat expectations)
• Average fan spend beyond ticket: $40.92 (record high)
• Fee-bearing tickets sold: 145 million (up 14%)

Growth comes amid intense regulatory scrutiny

The strong financial results arrive as Live Nation faces intense antitrust scrutiny from the Department of Justice. Officials are investigating whether the company's dominance, particularly its 2010 merger with Ticketmaster, has stifled competition and harmed consumers.

The probe intensified following the disastrous 2022 Taylor Swift ticket presale, which exposed systemic problems. Live Nation has repeatedly defended its business model, arguing it promotes competition and helps artists connect with fans.

Live Nation is betting on global expansion

Looking ahead, Live Nation is investing heavily in international markets to sustain growth. The company noted particular strength in Latin America and Asia, where it is building new venues and promoting more tours.

CEO Michael Rapino stated the company has a "pipeline of over 100 venue deals" in development worldwide. This global footprint is designed to capture more revenue from touring artists and local fans outside North America.

For 2024, Live Nation has already sold over 70 million tickets for its concerts, pacing ahead of last year's record numbers. The company's sponsorship and advertising division also saw revenue grow by 14% to $1.1 billion for the year.