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The Black Crowes’ Chris Robinson and Rich Robinson perform on stage to kick off the “Shake Your Money Maker” tour in front of a sold-out crowd at the Ascend Amphitheater on July 20, 2021 in Nashville, Tennessee. (Photo by Jason Kempin / Getty Images for Live Nation)
Jason Kempin | Getty Images Entertainment | Getty Images
After a year with almost no live performances, Live Nation’s Ticketmaster has just had one of its best months in North America, a sign that audiences are ready to venture out of their homes for events, even with the new delta variant of Covid.
The world’s largest live entertainment company on Tuesday reported second-quarter profits which saw revenues climb to $ 575.9 million, up 677% from the same period last year, when large gatherings were limited due to the rampant spread of the coronavirus.
Live Nation’s net loss narrowed to $ 195.7 million from $ 587.5 million a year ago.
“The momentum for the return to live events has grown every month, with faster than expected ticket sales and concert attendance, underscoring the strength and resilience of the concert and live events industry in general. “said CEO Michael Rapino during the company’s results. call Tuesday.
The company said most of its festivals have sold out quickly and average ticket prices are up 10% from 2019 levels.
For Ticketmaster, which is 100% owned by Live Nation, June was its fourth best month in history in terms of ticket volume. The company said this was due, in part, to a record number of US concerts available for purchase.
“We expect more than 3 million fans will attend our festivals in the second half of the year, with around two-thirds of our festivals increasing their attendance compared to 2019,” said Rapino. “Although still early, we saw a strong double-digit increase in average revenue per fan and on-site spend from 2019 during our amphitheater shows over the past few weeks.”
Rapino said 2022 and 2023 will be a “roaring era” for concerts and other live events.
Ticket sales brought the company’s deferred revenue to $ 2.1 billion, more than the $ 1.6 billion Live Nation had at the end of the second quarter of 2019. This revenue is segregated from other revenue. of the company because they are advance payments for events that have not yet happened.
Live Nation’s deferred revenue relates to more than 25 million tickets sold for concerts in the second half of 2021 and 14 million tickets sold for events in 2022.
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