Live Nation Posts Robust 2022 Second Quarter, Says It’s on Track for a Record Year
variety.comJem Aswad Senior Music EditorLive Nation posted solid results in its second quarter earnings report, with a 40% increase in revenue over the same period in 2019 to $4.4 billion, an 86% increase in operating income to $319 million, and a 50% increase in adjusted operating income $480 million.Perhaps most significantly, “We have sold over 100 million tickets for our concerts this year — more than we sold for the entire year in 2019,” CEO Michael Rapino said in a statement, adding that the company is on track for a record year.Live Nation also posted what it said is its highest quarterly attendance ever, with more than 33 million fans across 12,500 events — up 20% over the same quarter in 2019.Rapino said, “With most of the world fully re-opened, it’s clear that concerts remain a high priority for fans.
Consumers are seeking out and spending more on experiences, and the growing demand we are seeing for live music and events is driving our business to record levels, far outpacing any macro issues or cost increases.” However, while many blockbuster tours, such as Harry Styles and Olivia Rodrigo, are thriving, the high number of artists on the road, combined with recession fears and lingering apprehension about mass gatherings as Covid variants continue, has caused others to perform below expectations.
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