Taylor Swift, Beyonce tours boost Ticketmaster parent Live Nation’s revenues – National

Ticketmaster parent Live Nation Entertainment beat market estimates for third-quarter revenue, benefiting from high ticket prices and surging concert demand.

Shares of the company rose 3.5 per cent in extended trading.

Heavy demand for music concerts from popular figures like Taylor Swift and Beyonce has driven up the prices of tickets, benefiting concert promoters.

The announcement of long-awaited tours from musical artists like Bad Bunny and U2 shows signs of a healthy outlook for the company.

The company’s revenue rose 32 per cent to $8.15 billion in the quarter ended Sept. 30, compared with analysts’ estimates of $6.99 billion, according to LSEG data.

Total estimated events rose 7.6 per cent year-over-year to 12,090 while total estimated fans stood at 52.3 million compared with 37.1 million the previous quarter.

Story continues below advertisement

Total estimated tickets sold were 155.4 million compared with 150.1 million in the previous quarter.

Click to play video: 'The concert boost: How top acts like Taylor Swift, Beyonce are driving economic growth'

The concert boost: How top acts like Taylor Swift, Beyonce are driving economic growth

The company’s concert business, which consists of merchandise sales and the production of live music events, brought in revenue of $6.97 billion – making up the bulk of its overall revenue, followed by $832.6 million from ticketing.

Along with the surging demand, the company faces regulatory challenges.

Live Nation was reportedly subject to a probe by the U.S. Justice Department investigating whether the company uses anticompetitive agreements with venues and artists amid broader concerns of high fees and the company’s control of the concert ticket market.

The company reported a profit per share of $1.78 for the July to September period, compared with $1.39 per share a year ago.

Story continues below advertisement

— Reporting by Zaheer Kachwala in Bengaluru; Editing by Shailesh Kuber

&copy 2023 Thomson Reuters

Read original article here

Denial of responsibility! News Continue is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a Comment