Live Nation Entertainment Inc. released its earnings report for the quarter and full year ending on Dec. 31, 2021, which reflects an increasing desire among concertgoers to attend live events despite the risks of Covid variants.
The Beverly Hills-based live event and ticketing company reported 2021 revenue of $6.27 billion, more than three times what it made in 2020 during to Covid-related shutdowns preventing large, in-person gatherings. That number lands at slightly more than half of the $11.55 billion Live Nation generated in comparison to 2019, the last full year in which the company held live events. After more than 17,000 events in 2021 for more than 35 million fans, the company reported $4.72 billion in concert revenue, up $3.3 billion from the previous year.
With many postponed tours rescheduling dates in the next few months, Live Nation Chief Executive Michael Rapino told shareholders that he expects “the strongest multiyear period ever for the concert industry.”
In addition to adding 31 venues to its portfolio in 2021 thanks to its acquisition of Mexico City-based music events company OCESA, Live Nation stated in its earnings report that it has already sold more than 45 million tickets for 2022 events in anticipation of “a record year in 2022 that sets us up for growth over the next several years.”