Our strong performance drove AOI of $226 million, 56% higher than Q3 2019. Festivals and Global Footprint Fuel Sponsorship Growth. Teeth Like God's Shoeshine. Venue Presale. We delivered double-digit attendance growth relative to Q3 2019 across established and emerging markets around the globe from North America to Europe to South America, showing our long runway of global growth. Swift fans can't 'Shake It Off' as some tour tickets soar to more than $22,000. Find concert tickets for Thomas Rhett upcoming 2023 shows. Tickets will go on sale to the general public on Wednesday, April 26. Operating Income was up 95% to $506 million, with all divisions up at least 60% and AOI was up 45% to $621 million, with all divisions up at least 25%. 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. Help us demand that they do.". 1 Personalized pass that acts as your ticket to the Allegiant.com lawn for Ruoff Music Center's 2023 season* . Events generally represent a single performance by an artist. A ticket will gain entrance to both volleyball matches and the concert. . Zip Code. Starting July 26 and running through August 9, you can purchase four tickets for the $80 flat fee on Live Nation's site, and you don't need a special promo code to take part in the week-long . Variety and the Flying V logos are trademarks of Variety Media, LLC. Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in prepaid expenses and other assets, Increase in accounts payable, accrued expenses and other liabilities, Investments made in nonconsolidated affiliates, Purchases of property, plant and equipment, Cash paid for acquisitions, net of cash acquired, Proceeds from sale of investments in nonconsolidated affiliates, Proceeds from long-term debt, net of debt issuance costs, Contributions from noncontrolling interests, Purchases and sales of noncontrolling interests, net, Proceeds from sale of common stock, net of issuance costs, Taxes paid for net share settlement of equity awards, Payments for deferred and contingent consideration, Effect of exchange rate changes on cash, cash equivalents and restricted cash, Net increase in cash, cash equivalents, and restricted cash, Cash, cash equivalents and restricted cash at beginning of period, Cash, cash equivalents and restricted cash at end of period, Investor Contact: Amy Yong, [emailprotected], (310) 867-7143; Media Contact: Kaitlyn Henrich, [emailprotected]. $20 All-In Tickets Live Nation: Return to Live For too long, Live Nation and Ticketmaster have wielded monopoly power anticompetitively, harming fans and artists alike, the Senators wrote in the February 23 letterthe second letter penned by Klobuchar regarding Ticketmaster in the past three months. Last Thursday, Live Nation announced that $25 tickets will return for 2022 during its annual Concert Week sale. "Despite promises of increased competition and consumer benefit, they now control 70% primary ticketing and live event venues market," according to a coalition of activists called "Break Up Ticketmaster." Ticketmaster which controls 70% of the market for ticketing and live events according to CNBC canceled its so-called public sale of . The company was forced to extend presales after fans flocked to the site, causing site disruptions and slow queues. Live Nation today announced the return of Concert Week, offering fans access to $25 all-in tickets to more than 3,700 shows across North America this year. Shipping is not applicable to online ticket purchases. Risk Factors of the companys most recent Annual Report filed on Form 10-K, and Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K, which contain and identify other important factors that could cause actual results to differ materially from those contained in the companys projections or forward-looking statements. The division added seven million net new tickets in the quarter. The Ticketmaster and Roc Nation owner posted a fourth quarter operating loss of $119.9 million, compared to a year-earlier operating loss of $124.5 million. Sign up for email updates from Live Nation. We want to hear from you. "We cant wait to get back on the road and in front of our fans, it means so much to be able to bring live music back to the people that support us the most," said the Jonas Brothers. $ 2,018.3. See Live Nation's 2022 financial results at this link. 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. 2023 Live Nation Worldwide, Inc. All rights reserved. Still, given the lead time artists need to prepare and promote larger arena tours, most of those shows are slated for 2022, at which point Live Nation says it expects a lucrative post-pandemic . Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies. 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. As we have stated many times in the past, Live Nation takes its responsibilities under the antitrust laws seriously and does not engage in behaviors that could justify antitrust litigation, let alone orders that would require it to alter fundamental business practices. Aslow return of showsin 2021 and a bustling 2022lent to the sum. Ticketmaster has a significant share of the primary ticketing services market because of the large gap that exists between the quality of the Ticketmaster system and the next best primary ticketing system. These complications have reinvigorated calls from activists and politicians for the Department of Justice to investigate the decade's-old merger of Ticketmaster and Live Nation. 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. 11/18/2022 06:28 PM EST. Activists have accused Ticketmaster and Live Nation of abusing their market power and called for the company to be broken up. Ticketmaster has long maintained a stronghold on concert ticket sales in the United States. There never has been and is not now any evidence of systemic violations of the Consent Decree. Ticketmaster and Live Nation have been accused of abusing their market power by hiking up ticket prices and adding arbitrary fees to purchases. Ancillary per fan spending was up 20 to 30% year-to-date relative to 2019 in our operated venues across the U.S. and Europe. 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. 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). Data is a real-time snapshot *Data is delayed at least 15 minutes. There's something about Taylor Swift and breakups. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. 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. April 20, 2021 1:54pm. scalpers that lie), expanding restrictions on automated ticket buying programs, cracking down on resale platforms, and mandating more transparent ticket pricing. "We couldnt be more excited to get back out on the road," said Zac Brown. Free cash. 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. Live Nation does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise. Driven by such major forthcoming tours by Beyonce, Taylor Swift, Bruce Springsteen, Madonna and others, its outlook for 2023 is even stronger, with concert ticket sales over 50 million, up 20% with international up 25%; ticketing fee-bearing gross transaction value up 33% to $9.8 billion; and committed sponsorship for the year up double-digits, with over 70% of 2023 revenue committed. Notably, these are all things that Live Nation and Ticketmaster could choose to do internallybut instead, the company and its subsidiary are punting the problem to lawmakers. A replay of the webcast will also be available on the Live Nation website. Platform integrations have been our greatest growth driver with online partnerships, as we continue to drive value and monetize opportunities via Ticketmasters purchase process, with non-service fee revenues up double-digits relative to 2019. 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. Accordingly, FCF should be considered in addition to, and not as a substitute for, net cash provided by (used in) operating activities and other measures of financial performance reported in accordance with GAAP. We use FCF among other measures, to evaluate the ability of operations to generate cash that is available for purposes other than maintenance capital expenditures. "I'm hearing about site crashes and fans waiting for hours. More importantly, momentum is strong with early signs pointing to continued growth in 2023 across our businesses. It's a 44-percent increase over pre-pandemic 2019 revenue, $11.55 billion, which is the percentage difference Live Nation touted to investors this week. Sign up for email updates from Live Nation. Description. See the2021 numbersat this link. As part of Live Nations quarterly earnings report on Thursday, the company also announced its support for what its calling a FAIR Ticketing Act. In a separate blogpost, the entertainment goliath outlined a set of proposed legislative reforms. The market is increasingly competitive nonetheless, with rivals making aggressive offers to venues. This includes primary tickets sold during the year regardless of event timing, except for our own events where our concert promoters control ticketing which are reported when the events occur. Concerts drove 80% of the growth in primary GTV while concerts and sports together accounted for over 90% of our secondary GTV growth. 2. . Fans around the world continue prioritizing their spend on live events, particularly concerts. On the "My Events" page, choose the order you need help with. Updated. Live Nation Entertainment, the concert production giant and parent company of Ticketmaster, is under Justice Department antitrust scrutiny over its dominant role in the . President and Chief Executive Officer Reserved Tickets to the hottest shows. Globally, new venue clients continue to seek out Ticketmasters services due to the effectiveness of our enterprise software platform driving venue revenue, combined with our leading online marketplace. Shipping 20. MEDIA CONTACTS: Live Nation Concerts, Monique Sowinski, [emailprotected]. We may earn a commission from links on this page. For full year 2022, Live Nation . Indeed, that's a 166-percent increase almostthree-fold over 2021 revenue of $6.27 billion (Variety). 24 Feb 2023 20:56:07 A Division of NBCUniversal. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Use " SOUND " or " CHORUS ". Free cash is not calculated or presented in accordance with GAAP. 2023 NYP Holdings, Inc. All Rights Reserved, Hindu, Buddhist leaders complain about very painful NY beer, AOC trashes ticket monopoly after Taylor Swift tour snafu, Too big to be safe? The Lonesome Crowded West Tour (2022) 9:30 Club, Washington, Washington, D.C. Set 1; 1. "Daily reminder that Ticketmaster is a monopoly," Rep. Alexandria Ocasio-Cortez, D-N.Y., wrote in a Tweet Tuesday. This story has been shared 106,884 times. Maybe its the hottest boy band in the country coming to a stadium near you, or perhaps its a jazz band that puts you in a soulful mood. Details of the FAIR Ticketing act can be found here, but broadly speaking, its main tenets state that artists should decide resale rules, which would be an effort to allow artists to take the lead in preventing exploitative prices on the secondary market; make it illegal to sell speculative tickets, addressing scalpers habit of tricking fans into buying tickets that do not yet exist; expand the BOTS Act, to combat the widespread use of ticket-buying bots on the secondary market; crack down on resale sites that are safe havens for scalpers, which would force secondary-market sites to police the activity on their platforms more aggressively; and mandate all-in-pricing nationally, which would address the processing and other fees that often are not revealed until very late in the sale process. Live Nation Entertainment issued a lengthy defense of its ticketing giant subsidary Ticketmaster in the wake of the platforms tech meltdown against the feverish demand for Taylor Swifts upcoming The Eras tour dates. On Thursday, about a month after the committee hearing, Senators Amy Klobuchar and Mike Lee wrote a letter recommending that the Department of Justice continue examining Live Nation and its potential anti-competitive practices. Available Now through August 1 on participating shows. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. There's something about Taylor Swift and breakups. Michael Rapino In his letter to investors, Michael Rapino highlighted the results from the companys embattled but highly lucrative Ticketmaster division, noting, We grew our fee-bearing ticket volume by 28% from 2019 to 280 million, which in turn drove our fee-bearing [gross transacted value] up by over 50% vs 2019 to $28 billion across 38 countries. 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. 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. This free cash, along with $565.9 million of available debt capacity, gives the company $2.6 billion of available liquidity. Ticketmaster does not set or control ticket prices, strongly advocates for all-in pricing so that fans are not surprised by what tickets really cost, and is the undisputed market leader in ticket security and fighting bots. Ticketmaster. This only works if all ticketing marketplaces adopt together, so that consumers truly can accurately compare as they shop for tickets. Pick your preferred seat (from an interactive seating chart that allows you to see exactly where each seat is located). It . Decide how many tickets you wish to purchase. The venues in your area also host presales . 5 years ago tickets were paper, now you scan in with your phone, and can transfer tickets to your friend with one tap. Luke Bryan, from left, Kane Brown and Chris Stapleton will headline Stagecoach 2023. 30 Concerts Rocked the 2022 Season! Ticketmaster Cancels Sale of Taylor Swift Tickets. advance, Estimated number of non-fee-bearing tickets. Buy tickets for upcoming concerts, music festivals and more of your favorite artist touring. Are you always the last in line to grab tickets for concerts and other live events? In 2010, the retailer merged with Live Nation, the promoter, to become a singular company. The companys CFO Joe Berchtold also claimed that Ticketmaster doesnt set the lofty ticket prices. Live Nation, Ticketmaster may need breakup, some senators say Reuters [1/2] Taylor Swift poses on the red carpet for the 2022 MTV Europe Music Awards (EMAs) at the PSD Bank Dome in Duesseldorf . After you've entered your billing and preferred delivery information, review your purchase. The division added seven million net new tickets in the quarter. Secondary market prices can be seen ranging from $800 to $20,000 per ticket. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date on which they are made. Amortization of non-recoupable ticketing contract, The company currently expects capital expenditures for the full year to be approximately. A Free State teacher has been fired after he was found guilty of improper and disgraceful conduct when he asked a matric pupil to hug and kiss him. He then delineated the FAIR Ticketing Act (not to be confused with similarly named endeavors), which says: Artists should decide resale rules in order to protect their ability to use face-value exchanges and limited transfer to keep pricing lower for fans, and prevent scalpers from exploiting fans. The Great Minnesota Get-Together. Fans of Taylor Swift encountered a number of issues while trying to obtain tickets to the singer's latest tour via Ticketmaster. that demand for ticket sales will follow as more concerts are announced . Harry is equally renowned as an incredible live performer. Some users were shown an error page stating, "We're sorry! LOS ANGELES, Nov. 3, 2022 /PRNewswire/ Live Nation Entertainment, Inc. (NYSE: LYV) today released financial results for the quarter ended September30, 2022. It remains against Live Nation policy to threaten venues that they wont get Live Nation shows if they do not use Ticketmaster, and Live Nation does not re-route content as retaliation for a lost ticketing deal. PRESALES: Citi is the official card of P!NK's Summer Carnival 2023 Stadium Tour. American Express, Citi, and Chase cardholders. That left millions of fans angrily left empty-handed and shaking their fists at screens. We believe that information about FCF provides investors with an important perspective on the cash available to service debt, make acquisitions, and for revenue generating capital expenditures. Moving on to the earnings report, Live Nation's 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 . Get this delivered to your inbox, and more info about our products and services. Good Days. Buy concert tickets for top tours and festivals - Live Nation is your premier source for latest tour news, artist insights, exclusive videos, photos, and more. Yes, I want to receive email updates . Get tickets for Guns N' Roses at Mississippi Coast Coliseum on WED Sep 20, 2023 at 6:30 PM . We use free cash as a proxy for how much cash we have available to, among other things, optionally repay debt balances, make acquisitions and fund revenue generating capital expenditures. The company also had to endure a January Senate hearing with the Judiciary Committee. 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. 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. Jon Pardi The full Stagecoach Country. Harry performed over 43 shows throughout the US at the end of last year winning praise from fans and critics alike. As a result, we have contracted 19 million net new tickets so far this year on a global basis. Yes, I want to receive email updates from Live Nation . Followers will get the most recent presale codes the day they go live. Strong with early signs pointing to continued growth in 2023 across our businesses Live... Shaking their fists at screens 226 million, 56 % higher than Q3 2019 information to provide a framework assessing! Receive email updates from Live Nation Worldwide, Inc. All rights reserved tickets for upcoming concerts Music... Assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations of Ticketmaster Live. Aslow return of showsin 2021 and a bustling 2022lent to the site, causing site disruptions and queues. Does not undertake any obligation to publicly update or revise any forward-looking statements of... Other Live events you 've entered your billing and preferred delivery information, future events or otherwise incredible Live.! Market for ticketing and Live Nation of abusing their market power by hiking up ticket prices V... Around the world continue prioritizing their spend on Live events according to CNBC canceled its public! 2021 and a bustling 2022lent to the Allegiant.com lawn for Ruoff Music Center & # x27 ; 2023... Pass that acts as your ticket to the Allegiant.com lawn for Ruoff Center. 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That Ticketmaster doesnt set the lofty ticket prices and adding arbitrary fees to.. $ 2.6 billion of available liquidity festivals and more info about our products services... A replay of the Consent Decree for Ruoff Music Center & # x27 ; s Summer Carnival 2023 Tour! Justice to investigate the decade's-old merger of Ticketmaster and Live Nation the lofty ticket prices winning from..., we have contracted 19 million net new tickets so far this year on a global.. Market is increasingly competitive nonetheless, with rivals making aggressive offers to venues forward-looking. Our operated venues across the U.S. and Europe hiking up ticket prices our businesses secondary market can... Of available debt capacity, gives the company also had to endure a January Senate hearing the... % higher than Q3 2019 recent presale codes the day they go Live x27 ; s about... The retailer merged with Live Nation concerts, Monique Sowinski, [ emailprotected ] Rhett upcoming shows. Companys CFO Joe Berchtold also claimed that Ticketmaster doesnt set the lofty ticket prices and arbitrary! Pass that acts as your ticket to the Allegiant.com lawn for Ruoff Music Center & # x27 s... The retailer merged with Live Nation operated venues across the U.S. and Europe the promoter, become...