After an explosive 2022 for dwell music, 2023 has set the stage for much more development within the years to return.
In Live Nation’s Q2 earnings name, President and CEO Michael Rapino instructed buyers that amidst a report yr for the corporate, the dwell music sector has not solely returned, however it’s additionally turning into larger than ever earlier than.
“Live music is bigger than ever, with global demand driving the industry to record levels,” Rapino mentioned. “There’s a more diverse pipeline of artists breaking from all corners of the world, and at the same time tours are going to more markets—particularly in Latin America and Asia. This was our strongest second quarter ever, with 2023 on pace to be a record year, and early indicators for 2024 giving us confidence in continued growth.”
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Live Nation has bought greater than 117 million tickets, which is up 20% from 12 months in the past, in response to IQ Magazine. International markets are fueling this enlargement, rising at a 46% clip. Rapino additionally mentioned customers are driving world consumption “with no gatekeepers,” citing heavy social media use.
This large surge will reportedly permit Live Nation to speculate greater than $12 billion in staging artists’ reveals in 2023, a 30% enhance from 2022.
“We have been on this march for a long time,” Rapino added. “And we think there’s still lots of opportunity… in Latin America, Pacific Rim, Eastern Europe. We kind of predicted the artists would continue to go global—more global artists and international markets would want to be just like New York—and Boston would want to be hosting U2 and Beyoncés of the world, so we had an opportunity to build out those markets. So pedal down, we see lots of great growth opportunity for years to come on that front.”
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