Live Nation unveils record profits as ticket prices

As concert tickets continue to become less affordable for the average music fan, Live Nation (the live event giant and parent company of Ticketmaster) has just revealed a record quarterly profit for the summer of 2022.

Live Nation made an absolute killing from July-September 2022, reporting $6.3 billion in revenue — up 63 percent from their 2019 numbers. Here’s the expanded financial breakdown as reported by Live Nation themselves:

– Reported revenue increased 63% to $6.2 billion
– Reported operating income increased 95% to $506 million
– Reported AOI up 45% to $621 million and up 51% to $645 million on a constant currency basis
– Year-to-date operating cash flow is $928 million
– Year-to-date free cash flow – adjusted is $996 million, up 88%

Part of Live Nation’s massive quarter was record attendance at event tickets. Across 11,000 events, Live Nation reports that over 44 million fans came out this summer. Ticketmaster also delivered an all-time high “reported fee-bearing gross transaction value” of $7.3 billion — a 62 percent increase overall.

Along with their financial report, Live Nation commented on “recent press regarding ticket fees,” which potentially includes President Biden’s recently announced efforts to “crack down” on “hidden junk” fees for ticket buyers.

“Finally on Ticketmaster, a point in some recent press regarding ticket fees,” the report begins. “We will continue to advocate for fee transparency for live event tickets. We advocated for the all-in pricing mandate passed in New York earlier this year, which requires face prices and fees must be displayed upfront – and we support the FTC mandating this nationally We operate ticket marketplaces in more than 30 countries around the world and have seen all-in pricing successfully adopted in many countries when mandated across the board. This only works if all ticket marketplaces adopt together so that consumers can really compare accurately when buying tickets.”

Live Nation’s full press release, along with accounts of their record quarterly profits, can be found here.

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