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Live Nation posts record $3 billion revenue amid backlash from concertgoers over Ticketmaster prices and accessibility

TICKETMASTER CONCERTAs concert venues open back up to the public, fans are desperate to get their hands on tickets to see their favorite stars live.

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  • Live Nation Entertainment reported this week it earned $3.1 billion in revenue in the first quarter of 2023.
  • The ticket giant also reported it’s sold a record-breaking 90 million tickets for 2023 shows year-to-date. 
  • The report comes amid public outrage and potential laws aimed at regulating the chaotic ticket-buying process.

Live Nation Entertainment reported astronomical numbers for the first quarter of 2023 as venues around the world begin to fully reopen and musicians start touring again. 

In a Thursday earnings release, the entertainment company said it’s seen a record $3.1 billion in revenue since the in the first quarter of 2023, a 73% jump from the same period last year. Live Nation, the parent company of Ticketmaster, predicted that 2023 could be the “biggest year of live music ever.”

The company also reported it’s sold a record number 90 million tickets year-to-date for 2023 shows, and attendance reached 19 million people across events in 45 countries in just the first three months of the year. 

Live Nation Entertainment CEO Michael Rapino attributed the record-breaking growth to the star power of musicians who sent fans into a buying frenzy with tour announcements.

“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 in a statement. 

Although the industry leader has sold 20% more tickets than the first quarter of 2022, public outrage directed at Live Nation-owned Ticketmaster has continued to mount after the bungled ticket rollout of Taylor Swift’s “The Eras” tour led fans to seek legal action against the ticketing giant.

A lawsuit filed in December 2022 accused Ticketmaster of “fraud, price-fixing, and antitrust violations,” Insider’s Lauren Edmonds reported. 

The fallout of the chaotic Swift ticket sales prompted an investigation by the Department of Justice into Live Nation and Ticketmaster’s 2010 merger and its impact on the process of buying tickets to shows.

In March, Drake fans were similarly frustrated over ticket sales and alleged that Ticketmaster “intentionally misleads consumers for their own financial gain” following the release of tickets for rapper’s “It’s All a Blur” tour.

The company has also faced ire from Bruce Springsteen and The Cure fans, who complained about high prices and additional fees for shows. 

Read the original article on Business Insider
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