Michael Rapino: Celebs Rumors

Steven J. Horowitz Senior Music Writer In the wake of massive summer tours from Taylor Swift and Beyoncé, Live Nation has announced yet another record-breaking quarter in Q3 of 2023, with revenue up 32% to $8.2 billion and up 36% to $16.9 billion so far this year.

its end-of-year report yesterday (February 22). It stated that live music soared worldwide over those 12 months “from clubs to stadiums”, with 145million fans attending over 50,000 events (up 20 per cent from 2022).Ticketmaster sold 620million tickets, a 13 per cent increase from the previous year.

Jem Aswad Executive Editor, Music Live Nation had another record year in 2023 as multiple superstar acts toured the world and live entertainment returned in earnest after the pandemic shut it down for nearly all of 2020 and 2021. The world’s largest live-entertainment company saw revenue of $22.7 billion, up 36% from 2022, pointing to record attendance, ticket sales and sponsorships. Adjusted operating income was $1.86 billion, up 32% year-over-year.

Media, entertainment and tech companies held their own in the top 25 ranking of overpaid CEOs in 2022 by nonprofit As You Sow. Live Nation’s Michael Rapino ($139 million pay package) topped the list, which also included Netflix, Paramount Global and Warner Bros Discovery, as well as Charter, Apple and Alphabet.

Thania Garcia Live Nation has launched a new program called “On the Road Again” to financially support developing artists and their teams facing growing costs of touring expenses. In making the announcement, the concert promoter has partnered with Willie Nelson, who lent his 1980 country single as the anthem for the initiative. Live Nation-owned and operated clubs are expected to deliver tens of millions of dollars in extra earnings to club artists and crew by providing $1,500 in gas and travel cash per show to all headliners and support acts, on top of nightly performance compensation.

Jem Aswad Senior Music Editor Despite angry words from Taylor Swift, major issues with its Ticketmaster division, a Senate hearing and incoming legislation, Live Nation posted another record-breaking quarter in Q1 of 2023, with a record $3.1 billion in revenue — up 73% from the same period last year — and a record 19.5 million fans attending its events as the global touring business returns to full strength. The company’s concerts division already has sold almost 90 million tickets for shows this year already, more than 20% ahead of last year, and posted adjusted operating income of $320 million, a 53% increase. “With many major tours — from Beyoncé to Drake to Bruce Springsteen — demand was so strong that even when artists added a number of additional shows, they still were not able to meet all of the fan demand,” Rapino said.

the subject of a recent hearing in the US Congress which examined the issues with the ticketing market that contributed to a well-publicised fiasco relating to the pre-sale of Taylor Swift’s upcoming ‘Eras’ tour.Tickets for the tour went on sale in November and saw thousands of fans reporting lengthy wait times, website outages, and hyper-inflated prices on resale sites (including Ticketmaster’s own). The ticketing company later admitted it buckled under the “historically unprecedented demand” they faced from Swift’s fans before cancelling the general sale.President Joe Biden recently called on ticketing companies to limit such fees, often called “junk fees”, that are added to ticket prices which he said “can easily add hundreds of bucks to a family’s nights out”.Now, according to Billboard, the President and CEO of Live Nation – Ticketmaster’s parent company – Michael Rapino said to investors on a recent call: “We all want to know what is the true cost to see the show when we start shopping, adding that he wanted transparent pricing to be “mandated tomorrow across the board” which would “relieve a lot of the stress [and] the consumer’s perception that there’s this magical extra fee added on.”“We’ve got to now go out and do a much better job so policymakers and consumers understand how the business operates,” he added.““We’ve historically not had a big incentive to shout out loud that venues are charging high service fees or artist costs are expensive.

Live Nation Entertainment, the parent company of Ticketmaster, is the focus of an antitrust investigation that predates the Taylor Swift ticket snafu this week, according to a report.

Sen. Amy Klobuchar (D-MN), the chair of the Senate antitrust subcommittee, fired off a letter to Ticketmaster on Thursday amid concerns that the outages on its site for Taylor Swift concerts reflect a lack of competition in the business.

Jem Aswad Senior Music Editor This past spring, as the omicron wave subsided and the world began a ready-or-not return to something resembling normal, the floodgates opened and thousands of musicians returned to the road. Audiences flocked to arenas and big theaters see Harry Styles, Olivia Rodrigo, Elton John and many others. Coachella launched the festival season with a bang, and smaller clubs began to cautiously figure out how to put on shows in tight spaces. It was a bumpy start — many acts (even Sir Elton and Bon Jovi) had to cancel or postpone shows because of positive Covid tests — but a start, nonetheless. Live Nation CEO Michael Rapino says ticket sales are on their way to a record year.

Thania Garcia New Jersey Congressman Bill Pascrell Jr., a longtime critic of the ticketing business and Ticketmaster in particular, has posted an official call for action against the Live Nation-owned company’s “dynamic pricing” model — particularly in relation to one of New Jersey’s most treasured artists, Bruce Springsteen. “Today I’ve demanded answers from Ticketmaster on the monopoly’s role in the Springsteen tour fiasco where fans were charged upwards of $5,000 for seats,” Rep. Pascrell wrote in the caption attached to his published letter on Twitter. Today I’ve demanded answers from Ticketmaster on the monopoly’s role in the Springsteen tour fiasco where fans were charged upwards of $5000 for seats. pic.twitter.com/K8WGtmH1iX The letter is addressed to Michael Rapino, president and CEO of Live Nation Entertainment, and starts off by addressing the Springsteen concert and asserts his call for transparency. “To help fans better understand the frustratingly opaque process that leads to such high prices, I am inquiring about the veracity of the company’s statement, as well as the policies and prices the company has put in place for this tour.”

Jem 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.

Jem Aswad Senior Music EditorLive Nation has re-upped longtime CEO Michael Rapino to a new five-year contract that will see him earn $30 million year if he and the company meet performance metrics, according to documents filed with the SEC.While Rapino’s annual salary holds at his previous $3 million per year, the annual target cash bonus is climbing from $6 million to $17 million per year. The news was first reported by the Hollywood Reporter.Starting next year, Rapino will also be eligible for an annual grant of restricted shares valued at no less than $10 million.

DEALSTainy has renewed his deal with Sony Music Publishing, continuing a partnership that began in 2005. “I am grateful that my career has allowed me to reach new heights not only on the artistic and creative side, but also on the business side”, he says. “I appreciate having such great partners on the publishing end.

It’s been a busy few months for Lizzo and there’s no sign of slowing down.

Jem Aswad Senior Music EditorLive Nation Entertainment posted the best first quarter in its history this year, according to financial results released Thursday for the quarter ended March 31, 2022.“Momentum has picked up for all of our businesses over the course of the first quarter, and as a result, we delivered financial performance that greatly surpassed our previous expectations, with operating income of $27 million and [adjusted operating income] of $209 million,” CEO Michael Rapino said in a statement accompanying the results. “Artists are back on the road and fan demand has never been stronger, a reflection that live events remain a clear priority for consumers as our social lives restart.”The company’s AOI of $209 million topped the previous record, Q1 of 2019, by $94 million, and was $361 million better than 2021 — when the industry had not yet begun to emerge from the pandemic — with a boost of $269 million in ticketing, $66 million in sponsorship and $26 million in concerts.

Sasha Urban editorIn a conversation on CNBC’s “TechCheck” on Monday, Live Nation Entertainment CEO and president Michael Rapino said he expects a record year for the company’s ticket sales, despite the ongoing conflict between Ukraine and Russia.“We don’t have a lot of shows in that area so that hasn’t really affected our business,” Rapino told CNBC’s Julia Boorstin. “Europe seems to be business as usual right now for the summer, so we haven’t seen any disruption in our core business around the world in terms of touring.”He continued, “We’re still tracking 30% plus up year over year, we’re seeing consumers buying tickets on sale this weekend.

Congress will investigate the Astroworld 2021 tragedy, The Washington Post reports. The investigation will examine the events surrounding the crowd surge that injured hundreds of fans and killed 10 during Travis Scott's headlining performance.

Members of the House Oversight Committee said Wednesday that the panel is launching an investigation into what went wrong during the Astroworld concert in Houston last month, where 10 people died and hundreds were hurt amid a crush near the stage.

Congress is launching a probe into Live Nation and its handling of the Astroworld Festival in Houston last month, which ended up with at least 10 people dead and more than 300 injured following a deadly crowd surge.The House Committee on Oversight and Reform sent a letter to Live Nation CEO Michael Rapino, asking for information regarding the tragedy and the safety measures that were put in place. The letter was signed by Rep.

the tragic crowd crush that left 10 punters dead at last month’s Astroworld festival in Houston.The Washington Post reports that the probe was initiated on Wednesday (December 22) by a four-person ensemble that includes Committee Chairwoman Carolyn B.

Chris Willman Music WriterUPDATED: Members of a congressional committee sent Live Nation an open letter Wednesday asking for written answers to questions relating to the deadly Astroworld Festival debacle Nov. 5, contending that “the tragedy at Astroworld Festival follows a long line of other tragic events and safety violations involving Live Nation.”The letter, signed by Carolyn B.

COVID-19, or a negative test, at their venues and events in the UK.A representative for the touring giant confirmed the policy when contacted by NME, days after the same plans were unveiled in the U.S.The firm currently operates the entire network of O2 Academy venues in the UK, as well as festivals such as Reading & Leeds, Download, Wireless and Creamfields.It is yet to be confirmed when the policy will be fully implemented in the UK, but Live Nation CEO Michael Rapino has described it as “your ticket back to shows”.“We will be following the model we developed for Lollapalooza and requiring this for artists, fans and employees at Live Nation venues and festivals everywhere possible in the US,” Rapino said in a statement.The decision comes

Live Nation, one of the largest live entertainment companies in North America, will require all artists, members of their crew, and attendees to show a proof of COVID-19 vaccination or a negative test, according to a Rolling Stone report. Live Nation employees will be required to receive a full vaccination.

Rolling Stone said.

allow its touring artists to set their own protocols for event admission.

shared earlier this week by Variety, artists will be permitted to require proof of vaccination or a negative COVID-19 test to be able to perform a Live Nation show.“We believe this is a great model,” Live Nation CEO Michael Rapino said in the document, “And we have already implemented this successfully at many major shows including Lollapalooza.”Live Nation said it hopes such a provision will encourage more concertgoers to get vaccinated, stressing that getting the jab “is the number one thing anyone can do to take care of those around them”.

Jem Aswad Senior Music EditorAs the live-music industry resumes operations while the Covid-19 variant spreads across the globe, Live Nation has issued a “best practices” document to artist teams for its events.According to the document, which was obtained by Variety, all of its shows will require proof of vaccination or a negative Covid test for entry, and effective October 4, “all employees in the U.S. [must] be vaccinated to enter one of our events, venues or offices – with limited exceptions as may be required by law.” The document was signed by Live Nation CEO Michael Rapino.Because Covid protocols vary state by state, practices for live events have varied as well.

Jem Aswad Senior Music EditorIn a bid to help bring fans back to concerts, Live Nation announced its “Return to Live” summer concert campaign, offering fans $20 all-in tickets to nearly 1,000 shows this year. While the company has used the tactic for slower-selling tours in the past, obviously in 2021, as its 40-plus outdoor venues across the U.S.

Our hearts break for the loss of our beloved Theresa Velasquez, her parents Angela and Julio, and everyone taken far too soon in the tragic accident in Surfside, FL. Theresa was an impassioned leader at Live Nation, who elevated every project she was part of, at the same time breaking down barriers for women, and the LGBTQIA+ community.

Live Nation Entertainment CEO Michael Rapino said ticket demand was on an upsurge as vaccines roll out and countries reopen.

Jem Aswad Senior Music EditorLongtime Live Nation CFO Kathy Willard is retiring effective June 30, CEO Michael Rapino announced during the company’s earnings call on Thursday. The company is planning for Joe Berchtold, who currently serves as Live Nation’s president, to assume the role of president and CFO.

Jem Aswad Senior Music EditorWhile multiple outlets, including Variety, reported last April that Live Nation CEO Michael Rapino was foregoing his $3 million salary for all of 2020 due to the pandemic and its devastating effect on the live-entertainment industry and the company, according to SEC filings, he did so for less than two months. His salary was reinstated at 50% as of June 1, and boosted to 60% on Sept.

The concert industry clearly wants to get back to work, as a flurry of announcements on Friday proved. But what those announcements also proved is that getting back to work will require a leap of faith by all involved, most prominently, the government.

Live Nation‘s CEO has hopes that concerts and festivals could return by the summer.

coronavirus in order to host “full scale” shows next summer.It follows a disastrous year for the company, with the widespread cancellation of gigs due to the pandemic causing the firm to report a 95.1% drop in revenue in the third quarter of 2020.Live Nation posted a net revenue of $184 million in the period from June to September, a huge drop from the $3.77 billion they raked in during the same period last year.As IQMag reports, however, CEO Michael Rapino remains upbeat about the company’s fortunes next year after being encouraged by the small number of fans who have returned tickets for refunds, as well as strong festival sales for next summer.He added that fans can “expect shows at scale next summer” after vowing to implement a series