2017 was a good year for Live Nation in financial terms, with the live-entertainment giant’s revenues rising by 24% to $10.3bn last year, according to its latest financial results.
86 million people attended concerts put on by Live Nation, which was up 21% year-on-year, as the company hailed “its seventh consecutive year of record results” with revenue growth in concerts, sponsorship and ticketing.
More details from the financials: “Average ticket prices for our shows increased by 5% in 2017, amounting to over $250m additional revenue as artists more effectively captured the true value from their shows,” claimed Live Nation; sponsorship revenues grew by 19% to $285m, with more than 50 brands now spending more than $1m a year with Live Nation; and Ticketmaster sold 500m tickets for a total gross transaction value (GTV) of $30bn.
There were also some details on the Verified Fan initiative, which aims to get tickets into the hands of fans rather than touts.
“Throughout the year, we worked with over 80 artist campaigns on Verified Fan, selling three million tickets and saving fans over $100m relative to what they would have spent on the secondary market to buy these tickets,” reported Live Nation.
Primary sales account for more than 85% of overall ‘fee-bearing’ GTV for Live Nation, but the company’s secondary GTV grew faster than its primary GTV – up 16% and 15% in 2017 respectively.