Lawmakers are also calling on the Justice Department to investigate the company. On a very busy Thursday for the company, it also launched the FAIR Ticketing Act in an effort to combat excesses in the secondary ticketing market, and plans to release a statement in response to one issued earlier in the day by Senators Amy Klobuchar and Mike Lee, who led last months controversial Senate hearing on the ticketing industry. Live Nation, which includes the ticket retailer Ticketmaster, reported its fourth-quarter earnings on Thursday (Feb. 23), showing its total 2022 revenue reached a record $16.7 billion, according toBillboard. Live Nation took a hard hit during the pandemic and was forced to cancel all its tours. For the past 12 years Live Nation has operated under a Consent Decree that among other things seeks to prevent anticompetitive leveraging of Live Nation promoted content to advantage Ticketmaster. 2023 Live Nation Worldwide, Inc. All rights reserved. On Sale In -- -- -- . A limitation of the use of FCF as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of our ability to fund our cash needs. Find concert tickets for Thomas Rhett upcoming 2023 shows. Representatives from Live Nation did not immediately respond to CNBC's request for comment. BEVERLY HILLS, Calif., July 22, 2021 /PRNewswire/ Today Live Nation announced it is celebrating the Return to Live concerts this summer by offering fans $20 all-in tickets to nearly 1,000 shows this year. Buy Live Nation - Eventer tickets from the official Ticketmaster.ca site. 10. Live Nation Entertainment, the parent company of Ticketmaster, is the focus of an antitrust investigation that predates the Taylor Swift . Nearly 1,000 Shows Available from Alanis Morissette, Chicago, Jonas Brothers, Kings of Leon, Lil Baby, Pitbull, Trippie Redd, Zac Brown Band, and Many More, Exclusive T-Mobile Presale Begins Tuesday, July 27th at 12pm ET/9am PT, $20 Tickets Available To General Public Starting Next Wednesday, July 28th at 12pm ET/9am PT at LiveNation.com. While idealistic in ways, these measures, if enacted as stated, would address at least some of the very legitimate complaints that have been leveled at Ticketmaster and the ticketing industry overall in recent years. As Live Nation's . Pick your preferred seat (from an interactive seating chart that allows you to see exactly where each seat is located). Yes, I want to receive email updates from Live . 2. . Qualifying wireless plan required. More importantly, momentum is strong with early signs pointing to continued growth in 2023 across our businesses. Stadiums had a particularly strong quarter with our fan count more than tripling to nearly nine million fans, driven by the global demand to see top acts across a number of genres and audiences such as Bad Bunny, The Weeknd and Red Hot Chili Peppers. Currency impacts (25) Ticket sales in the third quarter of 2021. Moving on to the earnings report, Live Nations year-end results for 2022 were formidable, with revenue up 44% to $16.7 billion over 2019, operating income up 125% to $732 million and adjusted operating income up 49% to over $1.4 billion. Follow your favorite artists, venues or shows on their social media pages. Michael Rapino April 20, 2021 1:54pm. We are proud of the work we do across both concerts and ticketing, and will continue working to improve and support the live events industry. As of September 30, 2022, total cash and cash equivalents were $5.0 billion, which includes $1.3 billion in ticketing client cash and $2.0 billion in free cash. We will continue to advocate for fee transparency in live event ticketing. "Consumers deserve better than this anti-hero behavior.". The non-fee-bearing tickets estimated above include primary tickets sold using our Ticketmaster systems, through season seat packages and our venue clients box offices, along with tickets sold on our do it yourself platform. Looking ahead, Live Nation said it expects a strong year as over 70 million tickets have now been sold for shows in 2022, which accounts for a 36% jump over the same period in 2019. Its sponsorship revenue is up 64% to around $1 billion, and its ticketing fee-bearing gross transaction value is up 54% to $27.5 billion. By continuing past this page, you agree to our .css-6nxit1{transition-property:var(--ln-transition-property-common);transition-duration:var(--ln-transition-duration-fast);transition-timing-function:var(--ln-transition-easing-ease-out);cursor:pointer;-webkit-text-decoration:underline;text-decoration:underline;outline:2px solid transparent;outline-offset:2px;color:var(--ln-colors-white);}.css-6nxit1:hover,.css-6nxit1[data-hover]{color:var(--ln-colors-live);}.css-6nxit1:focus,.css-6nxit1[data-focus]{box-shadow:var(--ln-shadows-outline);}.css-6nxit1:active,.css-6nxit1[data-active]{color:var(--ln-colors-live);}Terms of Use. But she indicated that her team inquired in advance of the sale if they could handle this kind of demand and we were assured they could.. For a limited time only next week, fans will have access to exclusive $20 tickets to participating Live Nation shows, including taxes and fees. Finally on Ticketmaster, a point on some recent press regarding ticketing fees. Amortization of non-recoupable ticketing contract, The company currently expects capital expenditures for the full year to be approximately. I Hate U. This will be our 15th . A limitation of the use of free cash as a performance measure is that it does not necessarily represent funds available from operations and it is not necessarily a measure of our ability to fund our cash needs. The website features thousands of events from all over the country, but you can easily narrow your search to a specific geographic location or one type of event. Service 41. 01 March 2023 - 11:54. Event Views Navigation By continuing past this page, you agree to our terms of use. Josh Groban, one of the Live Nation artists whose . Overall, quarterly revenue at Live Nation, which runs music festivals like Lollapalooza and Governors Ball, jumped to $1.8 billion, up from $290 million in the year-earlier quarter. The market is increasingly competitive nonetheless, with rivals making aggressive offers to venues. Activists have accused Ticketmaster and Live Nation of abusing their market power and called for the company to be broken up. Beyond these specific leading indicators, going into 2023, we expect we will drive growth in our concert business by adding more venues to our operated portfolio, continue increasing ancillary per fan revenue and further our efforts to deliver market value for the show to artists. Really, it does. We innovate and invest in our technology more than any other ticketing company, and we will continue to do so, Live Nation wrote (full statement below). Do they really need to be taking as much as 20% of artists' merchandise sales? We want to hear from you. See Live Nation's 2022 financial results at this link. Use " SOUND " or " CHORUS ". Broken things are a drag our team is on it so it doesn't happen again.". This demand remained strong throughout the quarter, as two of the three months were amongst the top 10 transacted GTV (excluding refunds) months ever. At the same time, ticket prices for concertsskyrocketed,as recent reports have shown. The "Eras" tour could break Swift's own record for gross ticket sales in North America. Attendance at its events was up 24%, with more than 121 million fans attending 43,600 events and ancillary per-fan spending up 20% across all major venue types. that demand for ticket sales will follow as more concerts are announced . Find Events. Live Nation posted robust results in an earnings report encompassing the full 2022 year and its fourth quarter released Thursday, and looks ahead to a blockbuster 2023 amid ongoing government attention to its Ticketmaster division after the debacle surrounding last falls on-sale for Taylor Swifts stadium tour. Variety and the Flying V logos are trademarks of Variety Media, LLC. We advocated for the all-in pricing mandate passed in New York earlier this year, which requires face-value prices and fees to be shown upfront and we support the FTC mandating this nationally. We believe that information about AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. Are you always the last in line to grab tickets for concerts and other live events? All Rights Reserved. Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations: Certain statements in this press release, including the Supplemental Information that follows, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. "We couldnt be more excited to get back out on the road," said Zac Brown. 3Q Financial Overview (vs 2019): Results Demonstrate the Power of Our Flywheel, 3Q Highlights (vs 2019): Fans Continue to Prioritize Their Spending on Live Events, Outlook: Closing Out a Record Year and Positioned for Continued Growth. FCF is not calculated or presented in accordance with GAAP. Ticket sales for shows in 2023 are pacing even stronger than they were heading into 2022, up double-digits year-over-year, excluding sales from rescheduled shows. Ticket sales giant, Ticketmaster recorded its second highest gross transaction volume in its history with an estimated 111,292 in the three months ended March 31. Activists and lawmakers are renewing calls to split Ticketmaster and Live Nation after a fiasco over ticket sales for the pop superstar's . T-Mobile and Sprint customers can score exclusive 24-hour early access to the $20 all-in tickets through T-Mobile Tuesdays starting Tuesday, July 27th at 12pm ET/9am PT. Adjusted Operating Income (Loss),or AOI, is a non-GAAP financial measure that we define as operating income (loss) before certain stock-based compensation expense, loss (gain) on disposal of operating assets, depreciation and amortization (including goodwill impairment), amortization of non-recoupable ticketing contract advances and acquisition expenses (including transaction costs, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation). The company will webcast a teleconference today at 2:00 p.m. Pacific Time to discuss its financial performance, operational matters and potentially other material developments. Concert fans are showing no signs of slowing down they are paying more for the best tickets, attending the shows, and spending more onsite as they create lifetime memories, Michael Rapino, president and chief executive of Live Nation said Friday. In 2010, the retailer merged with Live Nation, the promoter, to become a singular company. "They're hiking up ticket prices, charging rip-off junk fees, and exploiting artists, independent venues, and fans. As we expected, our performance this quarter was led by our concert business, which held 11 thousand concerts for 44 million fans across nearly 50 countries. Because of the competitive bidding process, venues regularly take more of the economics on every renewal, as they set and keep a majority of the service fees. Social Media Presale. Something went wrong on our end and we need to start over. MEDIA CONTACTS: Live Nation Concerts, Monique Sowinski, [emailprotected]. 27. If you arent sure what event you want to attend or want to research events happening at your upcoming vacation destination, you can research events through livenation.com. 474. Club Deadspin Simply apply Live Nation promo codes to your ticket order for instant gratification. Shipping is not applicable to online ticket purchases. Gizmodo reached out to Live Nation to learn more about what internal steps the company might take to address these concerns, but didnt hear back as of publishing this. As a result, we have contracted 19 million net new tickets so far this year on a global basis. If you need further assistance, we'll transfer you to an agent. Good Days. Finding codes to buy early concert tickets should be easy! Ticketmaster and Live Nation have been accused of abusing their market power by hiking up ticket prices and adding arbitrary fees to purchases. Tickets for Swift's tour-her first since 2018first became available for presale on Tuesday. As a result, the company said it has already sold 90% of its planned sponsorship for 2022. Buy tickets for upcoming concerts, music festivals and more of your favorite artist touring. Zip Code. For additional information, visit www.livenationentertainment.com. Updated: Jul 28, 2021 / 01:21 PM EDT. The market is increasingly competitive nonetheless, with rivals making aggressive offers to venues. Cash from shows that played off (841) Estimated refunds from Live Nation cash (174) Other / Net. We use AOI to evaluate the performance of our operating segments. Harry performed over 43 shows throughout the US at the end of last year winning praise from fans and critics alike. VIRGINIA BEACH (WAVY) You can go see several major music acts at the Virginia Beach amphitheater and across the U.S. this summer and fall for just $20. The firm said today the coronavirus is having less of an impact on planned events, noting that it only canceled about 1% of planned concerts in March. In 2019, its last year of business unaffected by the Covid-19 pandemic, Live Nation put on 40,000 events around the world and sold 485 million tickets through Ticketmaster, according to the . Sign up for email updates from Live Nation. It . Shows of all types continue having strong demand, with double-digit attendance growth across all venue types including clubs, theaters, amphitheaters, arenas, stadiums and festivals. A replay of the webcast will also be available on the Live Nation website. Festivals are counted as one event in the quarter in which the festival begins, but the number of fans is based on the days the fans were present at the festival and thus can be reported across multiple quarters. Tickets are available on a first-come, first-served basis while supplies last. Free cash. Based on current pacing, we expect to host more than 50 million fans at our festivals and Venue Nation division this year. The verified fan program, which was established in 2017, was designed to keep tickets in the hands of actual fans and not resellers. Swift did not call out Live Nation or Ticketmaster by name. We will always be on the side of the artist, who are the best advocates for their careers and their fan base.. Aslow return of showsin 2021 and a bustling 2022lent to the sum. Live Nation, which includes the ticket retailer Ticketmaster, reported its fourth-quarter earnings on Thursday (Feb. 23), showing its total 2022 revenue reached a record $16.7 billion, according . And there needs to be industry-wide all-in pricing so fans see the full cost they are paying up front. Break them up.". Fan demand for live events was also clear in our ticketing business, as we transacted $6.7 billion of fee-generating GTV on 71 million tickets, up 69% and 42% respectively, relative to Q3 2019. ', Chris Pine Admits It Did Look Like Harry Styles Spit on Me, but He Did Not: The Vitriol Against Dont Worry Darling Was Ridiculous, HBO's Leading Man: Casey Bloys on Perfecting 'The Last of Us,' HBO Max Streaming Merger and Axing Shows, A24 Sweeps Film Categories at the 2023 SAG Awards as 'Everything Everywhere All at Once' Breaks Record for Most Wins, Jean Smart 'Doing Well, Recovering' Following Heart Procedure, Says Hacks Co-Star Hannah Einbinder, Ke Huy Quan Becomes First Asian Male Film Winner at SAG Awards for 'Everything Everywhere All at Once'. As Live Nations outdoor venues across the U.S. begin to open, the time is here to get outside and catch live music with friends, family and loved ones at over 40 Live Nation amphitheaters all across the country. The special promotion marks the highly-anticipated return of live music in the U.S. as artists ready to hit the stage and fans cant wait to see their favorite acts live in-person once again. The fee-bearing tickets estimated above include primary and secondary tickets that are sold using our Ticketmaster systems or that we issue through affiliates. These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set forth in the companys Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission today and available on the SECs website at sec.gov. Email. That Ticketmaster continues to be the leader in such an environment is a testament to the platform and those who operate it, not to any anticompetitive business practices.
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