MBW’s Stat Of The Week is a collection by which we spotlight a knowledge level that deserves the eye of the worldwide music trade. Stat Of the Week is supported by music knowledge analytics agency Chartmetric.
Dwell Nation Leisure President and CEO Michael Rapino instructed the corporate’s traders on Thursday (February 22) that “the stay music trade reached new heights in 2023″.
Rapino’s feedback arrived alongside the live performance big’s This fall and FY 2023 earnings, which, revealed on Thursday, noticed the corporate report outcomes for its “largest 12 months ever”.
The promoter posted full-year revenues of $22.7 billion, up 36% YoY. These revenues had been generated throughout all divisions, together with live shows, ticketing and promoting & sponsorship.
Digging deeper into Dwell Nation’s outcomes reveals that the corporate’s ‘Concert events’ enterprise generated revenues of $18.7 billion throughout the total 12 months ended December 31, which was up 39% YoYat fixed forex (see above).
Dwell Nation experiences that attendance to its live shows rose 20% in 2023, with over 145 million followers attending over 50,000 LN occasions final 12 months.
That total fan progress of 20% was led by Worldwide markets, up 25%, and North America, which was up 17%.
Dwell Nation says that its stadium reveals led attendance progress with over 29 million followers globally attending stadium reveals, up 60% YoY.
The corporate additionally notes that it provided a “vast number of worth factors” in 2023 with two-thirds of its US live performance tickets priced underneath $100 and one-third underneath $50.
Based on Dwell Nation, the common secondary ticket worth in 2023 was roughly twice that of main ticket costs, “exhibiting that tickets stay priced under market worth”.
Elsewhere, Dwell Nation’s ticketing enterprise, Ticketmaster, generated revenues of $2.9 billion, which mirrored progress of 32% YoY at fixed forex.
Dwell Nation experiences that the overall variety of tickets dealt with by Ticketmaster in 2023 was up 13% to over 620 million tickets, together with fee-bearing tickets up 17% to 329 million.
Within the fourth quarter of 2023 (the three months to finish of December), Dwell Nation generated whole revenues of $5.8 billion, up 37% YoYat fixed forex.
The corporate’s live shows enterprise generated $4.9 billion in This fall, which represented progress of 45% YoY at fixed forex (see above).
Dwell Nation experiences that it ended This fall 2023 with $6.2 billion in money and money equivalents, together with $1.5 billion in ticketing consumer money and $2.2 billion in free money.
Credit score: Dwell Nation/press
“The stay music trade reached new heights in 2023, and demand for stay music continues to construct.”
Michael Rapino, Dwell Nation Leisure
“The stay music trade reached new heights in 2023, and demand for stay music continues to construct,” mentioned Michael Rapino, President and CEO, Dwell Nation Leisure.
“Our digital world empowers artists to develop international followings, whereas inspiring followers to crave in-person experiences greater than ever. On the similar time, the trade is delivering a greater diversity of live shows which attracts in new audiences, and growing extra venues to assist a bigger present pipeline.
“Towards this backdrop, we anticipate all our companies to proceed rising and including worth to artists and followers as we ship double-digit working earnings and AOI progress once more this 12 months, with our profitability compounding by double-digits over the following a number of years.”
Chartmetric is the all-in-one platform for artists and music trade professionals, offering complete streaming, social, and viewers knowledge for everybody to create profitable careers in music.Music Enterprise Worldwide
