Chris Robinson and Wealthy Robinson of The Black Crowes carry out onstage to kick off the “Shake Your Cash Maker” tour to a offered out crowd at Ascend Amphitheater on July 20, 2021 in Nashville, Tennessee. (Photograph by Jason Kempin/Getty Photos for Reside Nation)
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After a yr with virtually no reside reveals, Reside Nation’s Ticketmaster simply had considered one of its greatest months ever in North America, an indication that audiences are able to enterprise outdoors the house for occasions even with the brand new Covid delta variant surging.
On Tuesday, the world’s largest live-entertainment firm reported second-quarter earnings that noticed income climb to $575.9 million, up 677% from the identical interval final yr when giant gatherings have been restricted because of the rampant unfold of coronavirus.
Reside Nation’s internet loss narrowed to $195.7 million from $587.5 million within the year-ago interval.
“The momentum for the return to reside occasions has been constructing each month, with ticket gross sales and live performance attendance pacing quicker than anticipated, underscoring the power and resiliency of the live performance enterprise and reside occasions on the whole,” CEO Michael Rapino mentioned throughout the firm’s earnings name Tuesday.
The corporate mentioned that the majority of its festivals have offered out rapidly and common ticket costs are up 10% from 2019 ranges.
For Ticketmaster, which is wholly owned by Reside Nation, June represented its fourth-best month in historical past by way of ticket quantity. The corporate mentioned this was pushed, partially, to a document variety of U.S. live shows being obtainable for buy.
“We count on to have over three million followers attend our festivals throughout the second half of the yr, with about two-thirds of our festivals rising their attendance in comparison with 2019,” Rapino mentioned. “Whereas nonetheless early, we’ve got delivered a powerful double digit improve in common per fan income and in on-site spending versus 2019 at our amphitheater reveals over the previous few weeks.”
Rapino mentioned 2022 and 2023 might be a “roaring period” for live shows and different reside occasions.
Ticket gross sales have pushed the corporate’s deferred income as much as $2.1 billion, increased than the $1.6 billion Reside Nation had on the finish of the second quarter in 2019. This income is separated from the corporate’s different earnings as a result of it’s superior funds for occasions that haven’t occurred but.
Reside Nation’s deferred income is tied to greater than 25 million tickets offered for live shows within the second half of 2021 and 14 million tickets offered for occasions in 2022.