Fears of a recession in 2023 are growing, but fans are still spending record amounts for concerts.
Michael Rapino speaks during the Formula 1 Las Vegas Race 2023 announcement at the Boulevard Pool at The Cosmopolitan of Las Vegas on March 30, 2022 in Las Vegas.Despite various economic headwinds, including inflation, we have not seen any pullback in demand,” Live Nation CEOsaid during the company’s earnings call on Thursday . In the third quarter, Live Nation posted record revenue for its concerts division of $5.
Looking ahead to 2023, Live Nation is “feeling very good about the attendance levels for next year,” said president and CFO. “Our tickets sold for the shows that we have on sale for next year are up consistently across all venue types relative to a year ago.” Excluding rescheduled events, Ticketmaster’s sales for 2023 concerts are up by double digits compared to advance ticket sales at the same point in 2021.
Demand depends on the supply of artist tours, and Live Nation executives believe next year’s tours will have a similar level of quality as this year’s headline tours, which included runs by
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