2023 is the most profitable year for the music business

Live Nation, the entertainment giant that owns Ticketmaster, is reporting 2023 as its most profitable year in terms of attendance and ticket sales.

The company, which is currently the subject of an antitrust investigation by the US Department of Justice, said concert attendance was up 20% compared to 2022, with more than 145 million fans attending more than 50,000 events. People reported.

Ticketmaster has sold 620 million tickets, which is 13% more than the previous year.

Recent months have seen impressive international tours by artists such as Taylor Swift and Beyoncé. The company's total revenue increased 36% to $22.7 billion, and operating income rose 46% to $1.07 billion.

According to the company, the increase in concerts and attendance has also led to double-digit growth in ancillary sales for arenas, amphitheaters and others.

The report also highlights the expansion of the global industry in its landmark year, with 50% more international acts on the 50 biggest tours and 15% more shows on average compared to five years ago.

Although the industry has recovered from the pandemic, there are still serious concerns about Live Nation's business, namely the ongoing antitrust investigation and outrage over Ticketmaster's mismanagement of sales for Swift's Eras tour, which left many fans empty-handed after the site crashed and led to price increases due to mass resale.

This year looks set to be just as strong in terms of ticket sales, with the second international and domestic tour of the Eras Tour, as well as tours by world-famous artists such as Jennifer Lopez, Drake, Bad Bunny and Olivia Rodrigo.

"In 2023, the music industry has reached new heights and the demand for live music continues to grow," said Michael Rapinoe, president of Live Nation.

"Our digital world is enabling artists to develop global followings while inspiring fans to crave personal experiences more than ever. At the same time, the industry is offering a greater variety of concerts that attract new audiences and developing more venues for concerts to support a larger network of shows," Rapinoe noted. /BGNES