Over 44m folks attended Reside Nation concert events in Q3 2022 – it’s highest quarterly attendance ever
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Concert events big Reside Nation simply delivered what it says was the “largest summer season live performance season in historical past”.
In response to new investor filings, the corporate generated Q3 revenues of $6.15 Billion within the three months to finish of September, up 63% YoY.
These revenues had been generated throughout all divisions, together with concert events, ticketing and promoting & sponsorship.
Reside Nation delivered these outcomes, based on President and CEO Michael Rapino, writing to traders this week, “regardless of various financial headwinds together with inflation”.
He added: “Followers all over the world proceed prioritizing their spend on dwell occasions, significantly concert events.
“We’ve got not seen any pullback in demand, as on-sales, on-site spending, promoting and all different working metrics proceed exhibiting robust year-on-year development.”
The corporate’s document quarter was pushed by its concert events division, which generated revenues of $5.29 billion, up 67% YoY (see under).
Rapino informed traders that the corporate is seeing “double-digit attendance development throughout all venue sorts together with golf equipment, theaters, amphitheaters, arenas, stadiums and festivals”.
Reside Nation says that it held 11 thousand concert events for over 44 million followers throughout practically 50 nations in Q3 – its highest quarterly attendance ever.
Attendance on the firm’s stadium occasions greater than tripled to eight.7 million followers in Q3 2022 in comparison with Q3 2019.
Attendance on the firm’s festivals was roughly 6.5 million in Q3 2022, up practically 40% in comparison with Q3 in 2019.
Yr-to-date, 89 million followers have attended 31,000 Reside Nation occasions
The corporate’s ticketing enterprise, in the meantime, generated revenues of $531.6 million in Q3, up 42% YoY.
Sponsorship and promoting generated revenues of $343 million in Q3, up 96.6% YoY.
Reside Nation says that its sponsorship enterprise, which noticed its largest quarter ever in Q3 2022, was pushed by the power of its festivals and on-line partnerships.
“Competition sponsorship has been our largest development driver on-site up to now, as now we have successfully leveraged document pageant attendance this yr and compounded this development with double-digit will increase in per fan sponsorship,” stated Rapino in his letter to traders.
As of September 30, 2022, Reside Nation’s complete money and money equivalents had been $5 billion, which the corporate says “consists of $1.3 billion in ticketing consumer money and $2 billion in free money”.
This free money, together with $565.9 million of accessible debt capability, offers the corporate $2.6 billion of accessible liquidity.
“Clearly 2022 has been an unbelievable yr of returning to dwell occasions, and we count on it to complete robust.”
Micahel Rapino
Waiting for the remainder of 2022 and 2023, Rapino informed traders in his letter that “clearly 2022 has been an unbelievable yr of returning to dwell occasions, and we count on it to complete robust”.
He added: “Momentum is powerful with early indicators pointing to continued development in 2023 throughout our companies.
“Ticket gross sales for exhibits in 2023 are pacing even stronger than they had been heading into 2022, up double-digits year-over-year, excluding gross sales from rescheduled exhibits. In our sponsorship enterprise, confirmed commitments are up 30% from this time final yr, exhibiting the resiliency and long-term commitments that manufacturers have for our enterprise.
Past these particular main indicators, going into 2023, we count on we are going to drive development in our live performance enterprise by including extra venues to our operated portfolio, proceed rising ancillary per fan income and additional our efforts to ship market worth for the present to artists.
“And in ticketing, we count on to profit from these market pricing tendencies, whereas additionally persevering with to globally add new shoppers to our world-class platform.
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