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☆ Live Nation CEO talks posting record revenue in Q4
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLive Nation CEO talks posting record revenue in Q4Live Nation Entertainment CEO Michael Rapino joins 'The Exchange' with CNBC's Julia Boorstin to discuss recent earnings' record revenue, the future of live music venues, and more.

Persons: Michael Rapino, CNBC's Julia Boorstin Organizations: Entertainment

☆ Senate committee subpoenas Live Nation, Ticketmaster after months-long probe
▼ + stars: | 2023-11-20 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

In a statement Monday, Blumenthal said, "Live Nation has egregiously stonewalled my Subcommittee's inquiry into its abusive consumer practices — making the subpoena necessary." A Senate investigative subcommittee on Monday said it has issued a subpoena to Live Nation Entertainment and its Ticketmaster subsidiary for information regarding ticket pricing and fees after a months-long probe that had not been previously announced. A Live Nation spokesperson, in an email to CNBC, said, "Live Nation has voluntarily worked with the Subcommittee from the start, providing extensive information and holding several meetings with staff." Live Nation, an event promoter, and the ticket vendor Ticketmaster now control 70% of the market for tickets and live event venues after their merger more than a decade ago. The Senate Judiciary Committee this summer held a hearing about Live Nation and the lack of competition in event ticketing's primary and secondary markets.

Persons: Blumenthal, Sen, Richard Blumenthal, Conn, Michael Rapino, we've, Taylor Swift, Bruce Springsteen, Rapino, Amy Klobuchar Organizations: Nation Entertainment, Ticketmaster, CNBC, Investigations, Committee, CNBC PRO

☆ Stocks week ahead: Here’s how America’s economy could begin to weaken
▼ + stars: | 2023-11-05 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

The job market or spending? The spending argument: But there have been instances in which spending weakened before the job market. “I think it starts with the perception of the labor market,” Drew Matus, chief market strategist at MetLife Investment Management, told CNN. The ticket-industry giant said it has sold a record 140 million tickets so far this year, up 17% year-over-year and has already surpassed the 121 million tickets sold in all of 2022. In the third quarter, Ticketmaster sales surged 57% to $833 million and 90 million fee-bearing tickets were sold in the period.

Persons: can’t, ” Shannon Seery, “ It’s, ” Seery, Luke Tilley, ” Tilley, Jerome Powell, ” Drew Matus, ”, Taylor Swift, Parija Kavilanz, Swifties, Taylor, Michael Rapino, Beyoncé, Harry Styles, Bunny, Jonas Brothers, Bruce Springsteen, Lisa Cook, Michael Barr, Jeffrey Schmid, Christopher Waller, John Williams, Lorie Logan, Ralph Lauren, Steve Madden, Phillip Jefferson, Raphael Bostic, Tom Barkin, Christine Lagarde Organizations: CNN Business, Bell, DC CNN, CNN, Employers, Investment Advisors, Companies, National Bureau of Economic Research, CNN Wednesday, Federal, MetLife Investment Management, Ticketmaster, Ryanair, Goodyear, Fed, Reserve Bank of Australia, Uber, Occidental Petroleum, KKR, The Carlyle Group, US Commerce Department, Biogen, Warner Bros, Teva Pharma, The New York Times Company, Armour, SeaWorld, MGM Resorts, China’s National Bureau of Statistics, Sony Group, Astrazeneca, Tapestry, News Corp, US Labor Department, Soho House, National Statistics, European Central Bank, University of Michigan Locations: Washington, Wells, Wilmington, Lyft, Brookfield, Soho

☆ Live Nation CEO on 2024 outlook, ticket costs and DOJ investigation
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLive Nation CEO on 2024 outlook, ticket costs and DOJ investigationMichael Rapino, Live Nation CEO, and CNBC's Julia Boorstin join 'Power Lunch' to discuss the company outlook and the successful 2023 music tours.

Persons: Michael Rapino, CNBC's Julia Boorstin

☆ Taylor Swift and Beyoncé concert tours deliver record-breaking earnings for Live Nation
▼ + stars: | 2023-11-03 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +2 min

New York CNN —Live Nation Entertainment has Taylor Swift and Beyoncé to thank for propelling the live concerts organizer to its strongest quarterly results to date. “Today we delivered our strongest quarter ever and are on pace for a record 2023,” Live Nation CEO Michael Rapino said in a statement. The ticket-industry giant said it has sold a record 140 million tickets so far this year, up 17% year-over-year and has already surpassed the 121 million tickets sold in all of 2022. To be sure, live concerts returned with a bang in 2023, with Taylor Swift and Beyoncé becoming the hottest tickets in town. So we’re very confident that both Ticketmaster, Live Nation are going to have big, strong years next year with a pipe full that will overcome this year’s numbers,” Rapino said in a call with analyst on Thursday.

Persons: Taylor Swift, Swifties, Taylor, Michael Rapino, Beyoncé, Harry Styles, Bunny, Jonas Brothers, Bruce Springsteen, “, ” Rapino, Joe Berchtold, ” Organizations: New, New York CNN, Ticketmaster, Wall, Justice Department, DOJ, CNN Locations: New York

☆ Ticketmaster’s hidden fees remain common long after it vowed to scrap them
▼ + stars: | 2023-10-25 | by ( Noah Pransky | ) www.cnbc.com time to read: +5 min

In this photo illustration, A Ticketmaster ticket is shown on a cellphone on November 18, 2022 in Miami, Florida. Klobuchar asked the company to provide an update on its price transparency efforts by Oct. 31. Live Nation didn't immediately respond to a request for comment on her letter. New York, Connecticut and Tennessee have each passed ticket transparency laws, requiring all ticket sellers to display total prices upfront in searches. As a result, Live Nation doesn't let venues hide fees in those states.

Persons: Sen, Amy Klobuchar, Michael Rapino, Klobuchar, didn't, Kenny Loggins, Biden Organizations: Ticketmaster, Biden, NBC, NBC News, Live Nation Entertainment, Nation, Live Nation, Administration, White, Congress Locations: Miami , Florida, Los Angeles, New York , Connecticut, Tennessee

The cost of certain goods is retreating in some places, but that doesn't include live music. Concert tickets have surged in price, to the point where economists are noticing. While ticket prices have increased, he said, mid-year figures haven't shown an appreciable rise since May 2022, when U.S. inflation was 8.6%. In India, fans are happy to pay a premium for quality entertainment, according to Owen Roncon, chief of business for Live Entertainment at BookMyShow. In Britain, about 150,000 music fans paid 340 pounds ($431)for a ticket to June's Glastonbury festival to see Elton John and hundreds of other acts.

Persons: Taylor Swift, Bruce Springsteen, haven't, Mario Ihieme, Paul Donovan, Harry Styles, Joel Barrios, Carolina Candelas, Andy Gensler, Pollstar, TD Cowen, Stephen Glagola, Elton John, Jason Cairnduff, Bruno Mars, Coldplay, Fairuz Zahari, Ed Sheeran, Owen Roncon, Eventbrite, Michael Rapino, Beth Cook, Dawn Chmielewski, Danielle Broadway, Sachin Ravikumar, David Milliken, Sharon Kimathi, Rozanna, Radhika Anilkumar, David Gaffen, Catherine Evans Organizations: LOS ANGELES, National Statistics, UBS Global Wealth Management, Stubhub, Ticketmaster, REUTERS, U.S . Labor Department, Backstreet, Live Entertainment, Backstreet Boys, Entertainment, Thomson Locations: Asia, U.S, GLASTONBURY, England, London, Seattle, Mexico City, Los Angeles, Europe, Barcelona, Glastonbury, Somerset, Britain, Malaysia, Australia, India, Leeds, Kuala Lumpur, Bangalore

The cost of certain goods is retreating in some places, but that doesn't include live music. Concert tickets have surged in price, to the point where economists are noticing. Event prices in UK inflation data are based on when shows take place, not when tickets are bought. While ticket prices have increased, he said, mid-year figures haven't shown an appreciable rise since May 2022, when U.S. inflation was 8.6%. The U.S. Labor Department does not specifically measure inflation for concert prices, but the inflation rate for live performing admission events is currently 2.6 percentage points more than U.S. headline inflation.

Persons: Taylor Swift, Bruce Springsteen, haven't, Mario Ihieme, Paul Donovan, Harry Styles, Joel Barrios, Carolina Candelas, Andy Gensler, Pollstar, TD Cowen, Stephen Glagola, Bruno Mars, Coldplay, Fairuz Zahari, Ed Sheeran, Owen Roncon, Eventbrite, Michael Rapino, Elton John, Beth Cook, Dawn Chmielewski, Danielle Broadway, Sachin Ravikumar, David Milliken, Sharon Kimathi, Rozanna, Radhika Anilkumar, David Gaffen, Catherine Evans Organizations: LOS ANGELES, National Statistics, UBS Global Wealth Management, Stubhub, Ticketmaster, U.S . Labor Department, Backstreet, Live Entertainment, Backstreet Boys, Entertainment, Thomson Locations: Asia, U.S, GLASTONBURY, England, London, Seattle, Mexico City, Los Angeles, Europe, Barcelona, Malaysia, Australia, India, Britain, Leeds, Glastonbury, Kuala Lumpur, Bangalore

☆ Live Nation posts record $3 billion revenue amid backlash from concertgoers over Ticketmaster prices and accessibility
▼ + stars: | 2023-05-06 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Live Nation Entertainment reported this week it earned $3.1 billion in revenue in the first quarter of 2023. The ticket giant also reported it's sold a record-breaking 90 million tickets for 2023 shows year-to-date. Live Nation, the parent company of Ticketmaster, predicted that 2023 could be the "biggest year of live music ever." Live Nation Entertainment CEO Michael Rapino attributed the record-breaking growth to the star power of musicians who sent fans into a buying frenzy with tour announcements. The company has also faced ire from Bruce Springsteen and The Cure fans, who complained about high prices and additional fees for shows.

☆ Live Nation posts $3.1 billion revenue and record attendance despite controversies Live Nation posts $3.1 billion revenue and record attendance despite controversies
▼ + stars: | 2023-05-06 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +4 min

New York CNN —Live Nation posted a record $3.1 billion in revenue – up 73% from last year – in the first quarter of 2023, despite possible regulation and tremendous fallout from botched Ticketmaster sales for the Taylor Swift Eras tour. In an earnings release, the ticket-industry giant said over 19 million people attended events across 45 countries in the first quarter. In a single day last November, more than two million Taylor Swift tickets were sold on Live Nation’s Ticketmaster, a record for any artist. Live Nation stock rose about 15% on the news, to close at about $77 a share. Congressional hearingsLawmakers grilled Live Nation president and CFO Joe Berchtold in a three-hour hearing in January, alleging the ticketing giant wields too much monopolistic control over the industry.

☆ Live Nation exec will face lawmakers about Taylor Swift concert tickets fiasco
▼ + stars: | 2023-01-24 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +7 min

“It goes without saying that I’m extremely protective of my fans,” Swift wrote on Instagram in November. The mergerCriticism of Ticketmaster’s dominance dates back decades, but the Swift ticketing incident has once again turned that issue into a dinner table discussion at many households. Concert promoter Live Nation and ticketing company Ticketmaster, two of the largest companies in the concert business, announced their merger in 2009. ‘Customers are the ones that pay the price’While irate fans were left scrambling to wade through the Swift ticket confusion, their collective anger caught lawmakers’ attention. To me, what happened with the Swift concert tickets was not necessarily the result of Ticketmaster being the dominant player in the industry,” he said.

☆ A solo Ticketmaster might attract financial fans
▼ + stars: | 2022-12-15 | by ( Jennifer Saba | ) www.reuters.com time to read: +8 min

NEW YORK, Dec 15 (Reuters Breakingviews) - The drums are beating louder for a breakup of Live Nation Entertainment (LYV.N). For Live Nation, it’s not entirely clear that the flywheel is spinning smoothly. Live Nation says it is so dominant because it’s so much better than the competition. Putting the complicated legal and regulatory questions aside, there’s probably a financial case for Ticketmaster to become a solo act. Live Nation merged with Ticketmaster in 2010.

☆ Taylor Swift signs on to direct a movie for Disney as she campaigns for short film Oscar
▼ + stars: | 2022-12-09 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

Taylor Swift accepts the Artist of the Year award onstage during the 2022 American Music Awards at Microsoft Theater on November 20, 2022 in Los Angeles, California. Taylor Swift has only just begun an Oscar campaign for her short film "All Too Well," and she's already struck a deal with Disney to make her feature directorial debut. The short film is based on Swift's song "All Too Well" and follows a manipulative boyfriend played by Dylan O'Brien and a young woman played by Sadie Sink as they fall in love and ultimately have a devastating breakup. The news of Swift's feature film directorial debut comes just a few months after the singer made history as the only solo artist to win two best direction awards at MTV's Video Music Awards. Ticketmaster, owned by Live Nation , was supposed to open up sales for 1.5 million verified Taylor Swift fans last month ahead of general public ticket sales.

WASHINGTON, Dec 6 (Reuters) - The chair of the Federal Trade Commission, Lina Khan, on Tuesday said giant companies like Ticketmaster (LYV.N), which faces a tsunami of criticism for problems in selling tickets to a 2023 Taylor Swift tour, can become "too big to care." "There can be concerns that when firms become (large) they can become too big to care," she added, saying giant firms may feel no need to invest in innovation because they do not face tough competition. Ticketmaster has drawn fresh heat from U.S. lawmakers over how it handled ticket sales for Swift's first tour in five years. Last month, U.S. lawmakers pressed the FTC to enforce a 2016 law against ticket scalpers using bots after Ticketmaster blamed the software for troubles selling tickets to Swift's tour. Ticketmaster has blamed problems with presale ticketing for the tour on unprecedented demand and an effort to keep out bots run by ticket scalpers.

☆ Lawmakers tell Live Nation CEO they want answers on the Taylor Swift Ticketmaster fiasco
▼ + stars: | 2022-12-06 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

Taylor Swift accepts an award onstage during the MTV Europe Music Awards 2022 held at PSD Bank Dome on November 13, 2022 in Duesseldorf, Germany. Lawmakers have some questions for Live Nation's CEO after Ticketmaster bungled the recent sale of Taylor Swift tour tickets. Ticketmaster was supposed to open up sales for 1.5 million verified Taylor Swift fans last month ahead of general public ticket sales. Ultimately, 2 million tickets were sold during the presale and the general public sale was canceled, company representatives said. Eras tour tickets were priced from $49 to $450, with VIP packages starting at $199 and reaching $899.

☆ Congress wants to grill Live Nation’s CEO over the Taylor Swift Ticketmaster fiasco
▼ + stars: | 2022-12-06 | by ( David Goldman | ) edition.cnn.com time to read: +4 min

It also wants answers about how Ticketmaster plans to improve in the future. Swift’s Eras tour kicks off March 17 and will have 52 concerts in multiple stadiums across the United States over five months. In its letter to Rapino, the committee also said it wants information about the fees Ticketmaster charges customers. Rapino and Live Nation have caught the ire of Congress before. Senator Amy Klobuchar criticized Ticketmaster in an open letter Rapino in the days following the ticket snafu, saying she has “serious concerns” about the company’s operations.

☆ White House on Taylor Swift Ticketmaster debacle: Capitalism without competition is exploitation
▼ + stars: | 2022-11-18 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

White House Press Secretary Karine Jean-Pierre answers questions during the daily press briefing at the White House in Washington, August 9, 2022. Declining to comment on "any potential investigation" by the Justice Department, Jean-Pierre said Biden has been clear on how he feels about companies that hold monopolies. Ticketmaster, part of Live Nation, is facing scrutiny for its roll out of Taylor Swift concert tickets. The New York Times reported Friday the Justice Department had opened an antitrust probe into Live Nation after the fiasco. Live Nation Entertainment is a merger between Ticketmaster and Live Nation in 2010.

Ticketmaster announced in a tweet on Thursday it had canceled the public sale of tickets to Taylor Swift's "The Eras" Tour. "Due to extraordinarily high demands on ticketing systems and insufficient remaining ticket inventory to meet that demand, tomorrow’s public on-sale for Taylor Swift | The Eras Tour has been cancelled," Ticketmaster wrote in the tweet. This meant 1.5 million fans were invited to buy tickets while the remaining 2 million were waitlisted. In its statement, Ticketmaster said that even if a ticket sale goes perfectly, fans still tend to leave empty-handed. Despite the bungled pre-sale, Ticketmaster said more than 2 million tickets were sold on Nov. 15 for Swift's tour.

☆ U.S. senator questions Ticketmaster after Taylor Swift sales complaints
▼ + stars: | 2022-11-17 | by ( Lisa Richwine | ) www.reuters.com time to read: +2 min

LOS ANGELES, Nov 17 (Reuters) - Ticketmaster faced new questions from a Democratic U.S. senator over its sales practices on Thursday, two days after Taylor Swift fans complained about website outages and long waits to buy tickets to her upcoming U.S. tour. In the letter to Ticketmaster parent Live Nation Entertainment Inc (LYV.N), Senator Amy Klobuchar voiced "serious concern about the state of competition in the ticketing industry and its harmful impact on consumers." On Tuesday, Swift fans swarmed the Ticketmaster website and encountered long wait times, with many unable to buy tickets. Ticketmaster said the tour generated unprecedented demand and it worked quickly to fix problems. Live Nation and Ticketmaster merged in a 2010 deal approved by the Justice Department.

☆ Taylor Swift meltdown caused by Ticketmaster abusing its market power, Senate antitrust chair says
▼ + stars: | 2022-11-17 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN Business —Senator Amy Klobuchar criticized Ticketmaster in an open letter to its CEO, saying she has “serious concerns” about the company’s operations following a service meltdown Tuesday that left Taylor Swift fans irate. Ticketmaster and Live Nation, the country’s largest concert promoter, merged about a decade ago. Klobuchar noted that the company at the time pledged to “develop an easy-access, one-stop platform” for ticket delivery. It’s no secret that Live Nation-Ticketmaster is an unchecked monopoly,” Rep. David Cicilline, currently the chairman of the Antitrust Subcommittee, tweeted on Tuesday. The Justice Department and states allowed the Live Nation Ticketmaster merger to go through despite a 2010 court filing in the case raising objections to the merger.

☆ Why Taylor Swift, Bruce Springsteen tickets will be more expensive and tougher to get
▼ + stars: | 2022-11-13 | by ( Ian Thomas | ) www.cnbc.com time to read: +3 min

When those tickets go on sale later in the week, it'll likely be minutes before they all sell out. Joe Berchtold, Live Nation president and chief financial officer, said on the company's third-quarter earnings call with analysts on Nov. 4 that "this is structurally a level of spend that we're seeing from the consumer now." And we're seeing a relatively strong inelasticity on the demand for those best tickets," he said. Berchtold said that Live Nation's outlook for stadium tours next year – boosted by Swift – will be "far and away the largest stadium we've ever had." That means there will likely be no end to the high demand for tickets.

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