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· Posted on
February 21, 2024

Live Nation owe Beyonce and Taylor Swift more than just a free lunch after their best quarter ever

Live Nation generated $8.2 billion USD in the last quarter and sold a record 140 million tickets this year so far.

What's the key learning?

  • Live Nation's large profit is largely thanks to Taylor Swift and Beyonce's international tours, with people spending more on concerts than ever before.
  • Entertainment is becoming more expensive, but consumers are willing to pay the price for the 'experience.'
  • From 2004-2019, the average Australian ticket price for a live performance went from $55 to almost $93.

👉 Background: Live Nation, the parent company to Ticketmaster, is an American multinational company. And, they officially delivered their best quarter ever and are on track for a record year.

👉 What happened: Live Nation generated $8.2 billion USD in the last quarter and sold a record 140 million tickets this year so far. And, their success is largely thanks to Taylor Swift and Beyonce's international tours.

👉 What else: People are spending more on concerts than ever before, and it's given the entire live entertainment industry an unexpected boost.

What's the key learning?

💡Entertainment is becoming more expensive, but consumers are willing to pay the price for the 'experience.'

💡Get this: from 2004-2019, the average Australian ticket price for a live performance went from $55 to almost $93. So, it seems like the isolation of COVID has only increased people's willingness to pay for live events.

💡In a time where you'd expect live entertainment to be financially challenged, it's actually blooming. And now, economists have coined a special name for what's happening: funflation.

‍

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