Live Nation grew its global marketshare with a record US$10.8 Billion in 2018
Live Nation has delivered its eighth consecutive year of record results.
The promoter giant delivered double-digit attendance growth of 93 Million (up 8%), as well as an increased concert revenue of 11% to US$10.8 Billion. Its operating income was up 61% in 2018, and adjusted operating income (AOI) up 22%.
Also announced in its full year and fourth quarter report today, Live Nation invested over $6 billion to promote 35,000 shows in 40 countries, including Cher, Shania Twain and Twenty One Pilots in Australia.
Michael Rapino, President and Chief Executive Officer, said:
“We continue to see the tremendous power of live events, with strong consumer demand and a robust supply of new and established artists hitting the road from clubs to stadiums. Live is truly a unique entertainment form; it cannot be duplicated and creates lifetime memories that fans are craving more than ever in this experience economy.”
The global player put the key driver of growth down to its strategic sponsors. In 2018 it had 75 sponsors collectively spend over US$350 million to reach its fans, up 11% over 2017.
Sponsorship at its festivals, including Download and Ozzfest, grew 13%, driven by new deals with brands including Heineken, Barclays, State Farm and Frito-Lay.
Michael Rapino added:
“All of this reinforces the power of our platform of 93 million fans, and the continued shift by brands to invest in reaching fans during the live experience.
“Research from our Power of Live white paper indicates that over 90% of fans believe that brands can enhance the live experience and over 60% of fans believe that they are more likely to connect with brands at concerts. This demonstrates that our shows offer brands a truly unique opportunity to connect with fans.”
In Australia, Live Nation-owned ticketing giant Ticketmaster recently purchased local player Moshtix. As revealed by TIO this week, Moshtix and its 30-plus Sydney employees will continue operating as a standalone business unit under Moshtix managing director Harley Evans.
“The thing that was so attractive about the partnership with Ticketmaster was that they absolutely want us to operate as a standalone business,” he told TIO. “They were very clear from the outset that they don’t buy businesses to meddle with them.
“They want to empower businesses like Moshtix to take what Ticketmaster can bring to the table and improve the experience for the end user. This was incredibly important to me given the effort that’s gone into building the relationships and trust with our clients over many years.”
This article originally appeared on The Industry Observer, which is now part of The Music Network.