Whatever your interests are, your tickets are easy to buy online with livenation.com. Ticketmaster has a significant share of the primary ticketing services market because of the large gap that exists between the quality of the Ticketmaster system and the next best primary ticketing system. This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided herein. And the same day that the company posted record-setting sale numbers and $16.7 billion in revenueup 44% from the pre-pandemic benchmark of 2019. As part of Live Nations quarterly earnings report on Thursday, the company also announced its support for what its calling a FAIR Ticketing Act. In a separate blogpost, the entertainment goliath outlined a set of proposed legislative reforms. Democrats in the US . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. FCF is not calculated or presented in accordance with GAAP. The demand for live entertainment continues to grow, and there are more promoters than ever working with artists to help them connect with fans through live shows. Accounts receivable, less allowance of $63,761 and $50,491, respectively, Current portion of operating lease liabilities, (in thousands except share and per share data), Selling, general and administrative expenses, Equity in losses (earnings) of nonconsolidated affiliates, Gain from sale of investments in nonconsolidated affiliates, Net income attributable to noncontrolling interests, Net income (loss) attributable to common stockholders of Live Nation, Basic net income (loss) per common share available to common stockholders of Live Nation, Diluted net income (loss) per common share available to common stockholders of Live Nation. About Live Nation . Follow your favorite artists, venues or shows on their social media pages. Moving on to the earnings report, Live Nation's year-end results for 2022 were formidable, with revenue up 44% to $16.7 billion over 2019, operating income up 125% to $732 million and adjusted . "Daily reminder that Ticketmaster is a monopoly," Rep. Alexandria Ocasio-Cortez, D-N.Y., wrote in a Tweet Tuesday. No serious argument can be made that Ticketmaster has the kind of market position in secondary ticketing that supports antitrust claims. There never has been and is not now any evidence of systemic violations of the Consent Decree. 30 Concerts Rocked the 2022 Season! The company also had to endure a January Senate hearing with the Judiciary Committee. Michael Rapino Findthe corporation's 2022 FEC filing here. Then click "See Details" to get to the "Event Details" page. Harry is equally renowned as an incredible live performer. 10% OFF. We will continue to advocate for fee transparency in live event ticketing. Live Nation Entertainment, the company thats owned Ticketmaster since 2010, knows its hard out there for music fans. Celebrate Summer Concert Season with $20 All- In Tickets to +1,000 Shows! The week-long program celebrates one of the biggest and most exciting years for live music and marks the kick-off to an epic summer concert season. Harry performed over 43 shows throughout the US at the end of last year winning praise from fans and critics alike. Live Nation proposed the changes on the same day it reported record sales of $16.7 billion for 2022, more than double a year ago and up 44% from 2019, the last normal year before Covid-19. 594-3708 GROUP SALES : (228) 287-7825 (MS Surge Hockey Office) Venue Seat Map. Simply apply Live Nation promo codes to your ticket order for instant gratification. On Friday evening, Live Nation issued an impassioned defense of the much-maligned Ticketmaster with a long statement asserting that the platform was the most transparent and fan-friendly service of its kind available. The Department of Justice can reverse this merger and bring competition back to the industry. 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Jordan Meets Reporter at 'Creed III' Premiere Who 'Teased Him all the Time' in High School: 'I Was the Corny Kid, Right? Live Nation wishes to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to operational challenges in achieving strategic objectives and executing on the companys plans, the risk that the companys markets do not evolve as anticipated, the potential impact of any economic slowdown and operational challenges associated with selling tickets and staging events. These complications have reinvigorated calls from activists and politicians for the Department of Justice to investigate the decade's-old merger of Ticketmaster and Live Nation. On Sale In -- -- -- . scalpers that lie), expanding restrictions on automated ticket buying programs, cracking down on resale platforms, and mandating more transparent ticket pricing. Print your tickets from home or pick them up at the event. Platform integrations have been our greatest growth driver with online partnerships, as we continue to drive value and monetize opportunities via Ticketmasters purchase process, with non-service fee revenues up double-digits relative to 2019. As a result, our ticketing revenue was $2.2 billion, up 45% vs 2019. Operating Income was up 95% to $506 million, with all divisions up at least 60% and AOI was up 45% to $621 million, with all divisions up at least 25%. 2023 Live Nation Worldwide, Inc. All rights reserved. For additional information, visit investors.livenationentertainment.com. Selling speculative tickets should be illegal so scalpers cannot use deceptive tactics to trick fans into spending more or buying tickets the seller does not actually have. We will always be on the side of the artist, who are the best advocates for their careers and their fan base.. By continuing past this page, you agree to our .css-6nxit1{transition-property:var(--ln-transition-property-common);transition-duration:var(--ln-transition-duration-fast);transition-timing-function:var(--ln-transition-easing-ease-out);cursor:pointer;-webkit-text-decoration:underline;text-decoration:underline;outline:2px solid transparent;outline-offset:2px;color:var(--ln-colors-white);}.css-6nxit1:hover,.css-6nxit1[data-hover]{color:var(--ln-colors-live);}.css-6nxit1:focus,.css-6nxit1[data-focus]{box-shadow:var(--ln-shadows-outline);}.css-6nxit1:active,.css-6nxit1[data-active]{color:var(--ln-colors-live);}Terms of Use. The scope of the BOTS Act needs to be expanded and enforced to deter those who break the law, cheating artists and fans in the process. This demand remained strong throughout the quarter, as two of the three months were amongst the top 10 transacted GTV (excluding refunds) months ever. 40 Concerts Rocked the 2022 Season! Most ticket sales are final, but refunds are issued occasionally for select events. The market is increasingly competitive nonetheless, with rivals making aggressive offers to venues. The company has provided certain financial statements at the end of this press release for reference. Indeed, that's a 166-percent increase almostthree-fold over 2021 revenue of $6.27 billion (Variety). Live Nation posted robust results in an earnings report encompassing the full 2022 year and its fourth quarter released Thursday, and looks ahead to a blockbuster 2023 amid ongoing government attention to its Ticketmaster division after the debacle surrounding last falls on-sale for Taylor Swifts stadium tour. The companys CFO Joe Berchtold also claimed that Ticketmaster doesnt set the lofty ticket prices. Get this delivered to your inbox, and more info about our products and services. Based on current pacing, we expect to host more than 50 million fans at our festivals and Venue Nation division this year. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. Highest Gross Transaction Value Quarter Ever at Ticketmaster. For additional information, visit www.livenationentertainment.com. Got a confidential news tip? Aslow return of showsin 2021 and a bustling 2022lent to the sum. Zip Code. . Consumers complaining about LiveNation most frequently mention customer service, credit card and ticket master problems.LiveNation ranks 77th among Concert Tickets sites. On the "My Events" page, choose the order you need help with. American Express, Citi, and Chase cardholders. Participating artists celebrating the Return to Live concerts include: About Live Nation EntertainmentLive Nation Entertainment (NYSE: LYV) is the worlds leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Sponsorship. Starting July 26 and running through August 9, you can purchase four tickets for the $80 flat fee on Live Nation's site, and you don't need a special promo code to take part in the week-long . Beyond these specific leading indicators, going into 2023, we expect we will drive growth in our concert business by adding more venues to our operated portfolio, continue increasing ancillary per fan revenue and further our efforts to deliver market value for the show to artists. That Ticketmaster continues to be the leader in such an environment is a testament to the platform and those who operate it, not to any anticompetitive business practices. April 20, 2021 1:54pm. "Despite promises of increased competition and consumer benefit, they now control 70% primary ticketing and live event venues market," according to a coalition of activists called "Break Up Ticketmaster." "I'm hearing about site crashes and fans waiting for hours. "I've long urged DOJ to investigate the state of competition in the ticketing industry," he added. As a result, we generated over $5 billion of revenue and $281 million of AOI for the quarter, up 67% and 44% respectively, relative to Q3 2019. We already follow many of these common sense policies and are ready to make additional changes, but we cant do it alone, Live Nation wrote. Events and fan attendance metrics are estimated each quarter. Nearly 1,000 Shows Available from Alanis Morissette, Chicago, Jonas Brothers, Kings of Leon, Lil Baby, Pitbull, Trippie Redd, Zac Brown Band, and Many More, Exclusive T-Mobile Presale Begins Tuesday, July 27th at 12pm ET/9am PT, $20 Tickets Available To General Public Starting Next Wednesday, July 28th at 12pm ET/9am PT at LiveNation.com. Ticket buyers immediately turned to social media to complain after thewebsite appeared to crash or freeze during purchases, leaving many unable to get tickets for the show. Despite varying economic headwinds including inflation, we have not seen any pullback in demand, as on-sales, on-site spending, advertising and all other operating metrics continue showing strong year-on-year growth. Details of the FAIR Ticketing act can be found here, but broadly speaking, its main tenets state that artists should decide resale rules, which would be an effort to allow artists to take the lead in preventing exploitative prices on the secondary market; make it illegal to sell speculative tickets, addressing scalpers habit of tricking fans into buying tickets that do not yet exist; expand the BOTS Act, to combat the widespread use of ticket-buying bots on the secondary market; crack down on resale sites that are safe havens for scalpers, which would force secondary-market sites to police the activity on their platforms more aggressively; and mandate all-in-pricing nationally, which would address the processing and other fees that often are not revealed until very late in the sale process. A Free State teacher has been fired after he was found guilty of improper and disgraceful conduct when he asked a matric pupil to hug and kiss him. See Show Calendar . Enter Keyword. The fee-bearing tickets estimated above include primary and secondary tickets that are sold using our Ticketmaster systems or that we issue through affiliates. After the credits & lights came up, they previewed the Low video & SZA came back out to say thanks. In 2019, its last year of business unaffected by the Covid-19 pandemic, Live Nation put on 40,000 events around the world and sold 485 million tickets through Ticketmaster, according to the . $ 2,018.3. 01 March 2023 - 11:54. Globally, new venue clients continue to seek out Ticketmasters services due to the effectiveness of our enterprise software platform driving venue revenue, combined with our leading online marketplace. The $20 tickets will be available to the general public starting next Wednesday, July 28th at 12pm ET/9am PT on LiveNation.com for a limited time only, while supplies last. The biggest challenge facing the industry is chaos at the onsale, where fans cannot get the tickets at the price the artist sets, yet they see pages of secondary sites with tickets 5 times face value because of scalpers. The Weekend. Activists and lawmakers are renewing calls to split Ticketmaster and Live Nation after a fiasco over ticket sales for the pop superstar's upcoming "Eras" tour, which is slated to kick off in March. 75 Coxe Avenue. Live Nation does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise. Summer meets music with your 2023 Lawn Pass. ', Chris Pine Admits It Did Look Like Harry Styles Spit on Me, but He Did Not: The Vitriol Against Dont Worry Darling Was Ridiculous, HBO's Leading Man: Casey Bloys on Perfecting 'The Last of Us,' HBO Max Streaming Merger and Axing Shows, A24 Sweeps Film Categories at the 2023 SAG Awards as 'Everything Everywhere All at Once' Breaks Record for Most Wins, Jean Smart 'Doing Well, Recovering' Following Heart Procedure, Says Hacks Co-Star Hannah Einbinder, Ke Huy Quan Becomes First Asian Male Film Winner at SAG Awards for 'Everything Everywhere All at Once'. Reserved Tickets to the hottest shows. "They're hiking up ticket prices, charging rip-off junk fees, and exploiting artists, independent venues, and fans. Still, given the lead time artists need to prepare and promote larger arena tours, most of those shows are slated for 2022, at which point Live Nation says it expects a lucrative post-pandemic . Updated: Jul 28, 2021 / 01:21 PM EDT. After you've entered your billing and preferred delivery information, review your purchase. Over the course of the summer, we also continued to see strong on-site per fan spend with no reduction in consumer buying habits. Its sponsorship revenue is up 64% to around $1 billion, and its ticketing fee-bearing gross transaction value is up 54% to $27.5 billion. For a limited time only next week, fans will have access to exclusive $20 tickets to participating Live Nation shows, including taxes and fees. Ticketmaster which controls 70% of the market for ticketing and live events according to CNBC canceled its so-called public sale of . Pol calls to break up Live Nation over dismal safety record, Live Nation offers $25 tickets for over 75 concerts to celebrate National Concert Week, Marv Albert in awe of Clyde Frazier's broadcasting rise, 11-year-old reads aloud from 'pornographic' book he checked out from library at school board meeting, Family raises 250-pound 'dog' for 2 years then realizes it's a bear, Influencer refuses to switch business class seats so family can sit together, Teen Mom alum Ryan Edwards arrested after stalking wife Mackenzie, Kim Kardashian models thong bikini, belly chain in sexy new pics, Kyle Richards gives an update on her friendship with RHOBH alum Lisa Rinna, Sunny Hostin Points Finger at China for COVID Crisis: Did Not Cooperate With the International Community, Prince Harry, Meghan Markle confirm they were asked to 'vacate' Frogmore Cottage. These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set forth in the companys Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission today and available on the SECs website at sec.gov. Taylor Swift accepts an award onstage during the MTV Europe Music Awards 2022 held at PSD Bank Dome on November 13, 2022 in Duesseldorf, Germany. Zip Code. Tickets will go on sale to the general public on Wednesday, April 26. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Expires. Ticketmaster said that over 2 million tickets were sold in a single day for Swift's tour, and "90% fewer tickets are currently posted for resale on secondary markets than a typical on sale." Greg Maffei, who also chairs Live Nation's board of directors, said Ticketmaster opened pre-sale access to 1.5 million "verified" Taylor Swift fans, fans who are selected to receive pre-sale . Number of shows for 2022 not representative of 2023 season. UPDATED: Parent firm's lengthy statement asserts Ticketmaster 'invests in technology' and 'does not set or control ticket prices'. The concert promotion business is highly competitive, with artist management in control of selecting their promoting team. Comes with twelve different courses comprised of a huge number of lessons, and each one will help you learn more about Python itself, and can be accessed when you want and as often as you want forever, making it ideal for learning a new skill. 2023 NYP Holdings, Inc. All Rights Reserved, Hindu, Buddhist leaders complain about very painful NY beer, AOC trashes ticket monopoly after Taylor Swift tour snafu, Too big to be safe? Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations: Certain statements in this press release, including the Supplemental Information that follows, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. As ticket sales increase, related ticketing operating income generally increases as well.". Live Nation increased its revenue in 2022 by roughly 166 percent over its 2021 revenue,as the live event conglomerate's newly reported yearly earnings reveal. Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss) (Unaudited), Amortization of non-recoupable ticketing contract The venues in your area also host presales . Ticket sales for shows in 2023 are pacing even stronger than they were heading into 2022, up double-digits year-over-year, excluding sales from rescheduled shows. 1 Personalized pass that acts as your ticket to the Hackensack Meridian Health Lawn for PNC Bank Arts Center's 2023 season*. Explore Thomas Rhett tour schedules, latest setlist, videos, and more on livenation.com These ticket metrics are net of any refunds requested and any cancellations that occurred during the period, which may result in a negative number. "The [Taylor Swift] portal is not going well for many Swifties," Rep. Bill Pascrell, D-N.J., wrote in a tweet Tuesday. 15% OFF. Concert promoter and venue operator Live Nation said it logged its best first quarter ever, thanks to a resurgence in concert going, which juiced sales at its Ticketmaster division. The "Eras" tour could break Swift's own record for gross ticket sales in North America. Find concert tickets for HARDY upcoming 2023 shows. 2023 Minnesota State Fair Dates: Aug. 24 to Labor Day, Sept. 4 that demand for ticket sales will follow as more concerts are announced . Variety is a part of Penske Media Corporation. Adjusted Operating Income (Loss),or AOI, is a non-GAAP financial measure that we define as operating income (loss) before certain stock-based compensation expense, loss (gain) on disposal of operating assets, depreciation and amortization (including goodwill impairment), amortization of non-recoupable ticketing contract advances and acquisition expenses (including transaction costs, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation). Live Nation Entertainment, Inc. (NYSE: LYV) is the worlds leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship. The consistent theme is that fans are eager to enhance their experience, as we continue elevating our hospitality operations and provide more premium options. Ticketmaster was supposed to open up sales for 1.5 million verified Taylor Swift fans last month ahead of general public ticket sales. Josh Groban, one of the Live Nation artists whose . VIRGINIA BEACH (WAVY) You can go see several major music acts at the Virginia Beach amphitheater and across the U.S. this summer and fall for just $20. We use AOI to evaluate the performance of our operating segments. Yes, I want to receive email updates from Live Nation . Interested parties should visit the News / Events section of the companys website at investors.livenationentertainment.comto listen to the webcast. We innovate and invest in our technology more than any other ticketing company, and we will continue to do so, Live Nation wrote (full statement below). 11/18/2022 06:28 PM EST. Live Nation Entertainment, Inc. Concerts drove 80% of the growth in primary GTV while concerts and sports together accounted for over 90% of our secondary GTV growth. We calculate currency impacts as the difference between current period activity translated using the current periods currency exchange rates and the comparable prior periods currency exchange rates. Something went wrong on our end and we need to start over. "We couldnt be more excited to get back out on the road," said Zac Brown. Tickets will be $25 for adults and $5 for high school age and under. Variety is a part of Penske Media Corporation. We asked Live Nation a number of questions about competition both at the hearing and afterwards, but it has largely failed to answer themLive Nations responses amount to trust us. We believe that is wholly insufficient, they added. The company will webcast a teleconference today at 2:00 p.m. Pacific Time to discuss its financial performance, operational matters and potentially other material developments. Sponsorship had its biggest quarter ever following our previous record last quarter, driven by the strength of our festivals and online partnerships. The company was forced to extend presales after fans flocked to the site, causing site disruptions and slow queues. Secondary market prices can be seen ranging from $800 to $20,000 per ticket. Jon Pardi The full Stagecoach Country. People amplified their complaints this week when tickets for Swift tickets went on presale on Ticketmaster's website. But she indicated that her team inquired in advance of the sale if they could handle this kind of demand and we were assured they could.. Fans generally represent the number of people who attend an event. Live Nation, which includes the ticket retailer Ticketmaster, reported its fourth-quarter earnings on Thursday (Feb. 23), showing its total 2022 revenue reached a record $16.7 billion, according . On Thursday, about a month after the committee hearing, Senators Amy Klobuchar and Mike Lee wrote a letter recommending that the Department of Justice continue examining Live Nation and its potential anti-competitive practices. 29. Because of the competitive bidding process, venues regularly take more of the economics on every renewal, as they set and keep a majority of the service fees. Live Nation Unloads Heavily Discounted Tickets On Groupon Amid Crowded 2022 Concert Calendar Halsey, Rod Stewart, Big Time Rush, and More. Within hours, tickets for the tour were already up for sale in the secondary market at exponential markups. The Department of Justice itself recognized the competitive nature of the concert promotion business at the time of the Live Nation-Ticketmaster merger. Addressing the monopoly accusations around the company, he added, On the regulatory front: The ticketing industry is more competitive than ever, and our market share has gone down, not up, since the Ticketmaster merger. 1 Personalized pass that acts as your ticket to the Allegiant.com lawn for Blossom Music Center's 2023 season*. Klobuchars and Lees appeal to the DOJ was sent the same day as Live Nations policy proposal. Shows of all types continue having strong demand, with double-digit attendance growth across all venue types including clubs, theaters, amphitheaters, arenas, stadiums and festivals. Secondary ticketing is extremely competitive, with Ticketmaster competing with StubHub, SeatGeek, Vivid and many others. Find concert tickets for Thomas Rhett upcoming 2023 shows. Reconciliation of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures (Unaudited), Reconciliation of Free Cash FlowAdjusted to Net Cash Provided by Operating Activities, Less: Changes in operating assets and liabilities (working capital), Distributions to noncontrolling interests, Net cash provided by (used in) financing activities, Net cash provided by operating activities, Reconciliation of Free Cash to Cash and Cash Equivalents. We promoted more than 43,600 live music and other events in 2022. The Great Minnesota Get-Together. The Lonesome Crowded West Tour (2022) 9:30 Club, Washington, Washington, D.C. Set 1; 1. Key Background. Live Nation, which merged with Ticketmaster in 2010, has faced longstanding criticisms about its size and power in the entertainment industry. Participating artists include some of todays biggest acts across genres including Country, Hip-Hop, Latin, Metal, Pop, Rock, and more. A limitation of the use of FCF as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of our ability to fund our cash needs. More importantly, momentum is strong with early signs pointing to continued growth in 2023 across our businesses. The CEO said inflation doesnt appear to be impacting demand or pricing on ticket sales, adding that concert no-show rates have returned to pre-Covid-19 levels. Live Nation took a hard hit during the pandemic and was forced to cancel all its tours. That Ticketmaster continues to be the leader in such an environment is a testament to the platform and those who operate it, not to any anticompetitive business practices. Good Days. Accordingly, FCF should be considered in addition to, and not as a substitute for, net cash provided by (used in) operating activities and other measures of financial performance reported in accordance with GAAP.
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