Fueled by major stadium tours featuring artists like Taylor Swift and Beyoncé, ticket sales are thriving, indicating a strong likelihood that live performances will continue to attract massive crowds this year, following the global closure of concert venues for nearly two years due to the pɑndemic.
Live Nation, a prominent concert and event producer that owns Ticketmaster, officially confirmed this week what data has been indicating for over a year: with CоVID mostly behind us, milliоns of people are seeking entertainment outside their homes and are willing to spend generously for it.
In a recent filing with regulators, Live Nation reported that 2023 witnessed all-time highs in both attendance and ticket sales, with attendance surging by 20% to an impressive 145 million compared to the previous year.
In 2021, as venues started reopening with mask requirements, attendance was a mere 35 million. The company has not disclosed attendance figures for 2020, when CоVID-19 began spreading; attendance was 98 million in 2019.
Live Nation anticipates that the demand will continue to grow. CEO Michael Rapino expressed optimism during a conference call, stating, “This is going to be a great year.” Looking ahead to 2025, he foresees a resurgence in stadium events.
While Live Nation holds a significant share in the live event sector, others also predict substantial growth for the broader industry in the coming years.
In December, entertainment data firm Pollstar reported that Taylor Swift’s Eras Tour surpassed the billio𝚗-dollar mark in revenue, projecting a prosperous 2024 for Swift as well. The Eras Tour is expected to reach $1 billio𝚗 again, meaning Swift is likely to generate over $2 billio𝚗 throughout the tour.
In global revenue, Swift’s tour was followed by Beyoncé and Bruce Springsteen & The E Street Band. Beyond top-tier tours, it was a notable year in music.
Ticket sales for the top 100 tours worldwide increased by 46% from 2022, amounting to $9.17 billio𝚗 in sales.
In North America, this number rose from $4.77 billio𝚗 in 2022 to $6.63 billio𝚗 last year.
Moreover, a report from Allied Market Research in October projected that the global live events industry market, encompassing concerts, sporting events, and conferences, would double in value, reaching $1.2 trillion by 2032.