Report: Live Nation boss Michael Rapino earned $70.6m in 2017
The rise of Live Nation’s stocks to near-record levels as the company performs excellently is making its executives very rich.
Pollstar magazine reported that documents filed by Live Nation with the U.S. Securities And Exchange Commission showed that President and CEO Michael Rapino earned $70.6 million in 2017.
This was due to $58.6 million in stock options.
His base salary was $2.4 million and he earned a $1 million bonus as his leadership saw Live Nation hit its income target.
As reported in TMN in February, Live Nation posted a record $10.4 billion in revenue in 2017, up 25% from 2016, and with growth in all its three major divisions.
Concert attendance was up 21% to 86 million customers, and sponsorship/ad revenue grew 18%. The 5% rise in ticket prices made $250 million in extra cash.
Operating income was down 53% year over year to $91.4 million.
The Canadian-born Rapino is ranked #1 most powerful executive by Billboard. Last year he extended his contract with Live Nation to 2022.
He recently admitted: “I’m a passionate leader who believes in a mission – this is a mission much more than a job.
“I came from a small town, and I live in fear of becoming a bureaucracy.
“ I run a very decentralised business. I have direct communication with all my employees.
“ We answer questions instantly, same day. I’m known for having a very small to-do list and a big don’t-do list.”
Being president of Live Nation has also worked out well for Joe Berchtold.
He earned nearly $28.8 million on the year, with about $25.7 coming in stock options.
Berchtold became President last December and was Chief Operating Officer since April 2011.
He’s the one who comes up with strategies for Live Nation to improve its performance and oversees many of its corporate functions.
Pollstar also noted that Live Nation’s general counsel and secretary Michael Rowles made $1.3 million in stocks
Chief Financial Officer Kathy Willard took $2.4 million in stock.The board of directors – including Apple Music’s Jimmy Iovine – each made about $150,000 from stocks.