Concert company Live Nation Entertainment, Inc. (NYSE: LYV) released financial results for the quarter and full year ended December 31, 2021 earnings.
The Los Angeles company with with a presence on over 200 venues, including every NFL stadium released a report saying among other things things that their Full Year Operating Income Improved $1.2 billion and AOI Up $1.3 billion (vs 2020). The official report states that over 35 Million Fans Attended Concerts which is a double digit improvement from pre-pandemic numbers in 2019.
Event ticketing was the main money maker for their “Best Quarter Ever”.
Live Nation Inc. is an event partner of Travis Scott’s Astro World concert where several person died including a 14 year old, as a result of a mosh pit stampede in Houston last year.
As the effects of the pandemic cease and live events make a comeback the multi-national company with offices if Los Angeles, is projecting event-related referred revenue of $2.3 billion.
With tickets and top tour prices increasing by 20% concerts are already seeing huge numbers for Bad Bunny, Dua Lipa and Billie Eilish.
The company is Comprised of three market leading divisions – Ticketmaster, Live Nation Concerts, Live Nation Sponsorship – Live Nation annually issues over 500 million tickets, promotes more than 35,000 events, partners with over 1,000 sponsors and manages the careers of 500+ artists. Its e-commerce sites average 80 million unique monthly users.
Michael Rapino, President and Chief Executive Officer who reportedly gave up salary in 2020 as the company tightened its belt during the pandemic, said in a statement,
“Building our venue portfolio enables us to more rapidly grow our show count and fan base in 2022, and over the next few years, and positions us to drive on-site spending more widely and provide additional assets to brand partners.”
He continued, “The two year wait for artists and fans is over. Never have the tailwinds to our business been so strong, and I believe this is just the start of what will be the strongest multi-year period ever for the concert industry.”
