04 MICHAEL RAPINO
PRESIDENT/CEO LIVE NATION ENTERTAINMENT
Live Nation posted record revenue of $8.2 billion in third-quarter 2023 (the most recent results available) — a 32% increase from the same period in 2022. Driving that surge were the four top Billboard Boxscore tours of last year: Beyoncé, whose Renaissance tour raked in $579.8 million, as well as Coldplay, Harry Styles and Morgan Wallen, who collectively grossed more than $1.5 billion.
Rapino says some of those dollars support new platforms for artists who have yet to play arenas and stadiums as well as the Live Nation workers who ensure that the club shows go on. “Business is booming in venues of all size, but small shows are the backbone,” he says, and last September, Live Nation created with Willie Nelson the equivalent of a calcium supplement: the On the Road
Again program, which has supported 3,000 developing artists by providing them an extra $1,500 per show in gas and travel funds and waiving merchandise fees. Live Nation also raised the base pay for hourly workers at its clubs to $20 and to $25 for supervisors. “Overnight, that’s helping thousands,” he says. “Long term, it makes [the live business] a real career path for more people.”
Those acts of kindness are unlikely to soften Congress’ scrutiny of the live-entertainment Goliath as Capitol Hill attempts to get to the bottom of the company’s ticket pricing, fees and resale practices, as well as complaints of monopolistic practices. In November, a Senate subcommittee subpoenaed the promoter and its Ticketmaster platform, alleging that they had failed to turn over documents related to its investigation of Ticketmaster’s controversial handling of ticket sales for Taylor Swift’s and other acts’ 2023 tours.
Since then, however, Live Nation’s attorneys say they’ve submitted over 10,000 documents to Sen. Richard Blumenthal, D-Conn., and the subcommittee he chairs. And Congress has failed to turn up any wrongdoing on the part of Live Nation and Ticketmaster so far.
When Blumenthal announced the investigation, Live Nation contended that “the live-entertainment industry has never been more vibrant and competitive.” That will continue in 2024, when Live Nation acts Foo Fighters, Green Day, Bad Bunny, Red Hot Chili Peppers and Drake will be on the road.