Revenue / 08.24.22
All About the Experience: Show Counts & Ticket Sales Are Up, With Increased Demand for VIP
Pollstar (08/18/22) Pittman, Sarah
Live Nation Entertainment recently stated that show counts and attendance are up more than 20% this year compared to 2019, while tickets sold are up 38%. The company also estimated that the second quarter of 2022 saw the highest quarterly attendance to date, with more than 33 million fans across 12,500 events. "Even as show count and attendance grew, fans demonstrated their willingness to pay more for the best seats, with the average price of a ticket for our concerts this year up 10% globally relative to 2019, which remains less than the U.S. inflation level over the period," said Live Nation CEO and President Michael Rapino. "At the same time, our average entry price for concerts remained affordable at $33, up only 5% from 2019." Rapino also discussed dynamic pricing, with Ticketmaster noting the recent outrage over high-end ticket prices on Bruce Springsteen's tour with the E Street Band distracted from the fact that most tickets were sold at set prices ranging from $59.50 to $399 before service fees, while just 1.3% of tickets have sold for more than $1,000. "With market-based pricing being widely adopted by most tours, we expect to shift over $500 million from the secondary market to artists this year, continuing to support those who created the concert and ensuring they are benefiting from it," Rapino declared. The Live Nation quarterly report also highlighted rising demand for VIP experiences, which is trending among other events besides Live Nation's.
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