MBW’s Stat Of The Week is a sequence during which we spotlight a single knowledge level that deserves the eye of the worldwide music trade. Stat Of the Week is supported by Cinq Music Group, a technology-driven report label, distribution, and rights administration firm.
Live shows big Dwell Nation simply delivered what it says was the “greatest summer time live performance season in historical past”.
In accordance with new investor filings, the corporate generated Q3 revenues of $6.15 Billion within the three months to finish of September, up 63% YoY.
These revenues have been generated throughout all divisions, together with concert events, ticketing and promoting & sponsorship.
Dwell Nation delivered these outcomes, in keeping with President and CEO Michael Rapino, writing to buyers this week, “regardless of various financial headwinds together with inflation”.
He added: “Followers all over the world proceed prioritizing their spend on dwell occasions, notably concert events.
“We’ve not seen any pullback in demand, as on-sales, on-site spending, promoting and all different working metrics proceed exhibiting sturdy year-on-year progress.”
The corporate’s report quarter was pushed by its concert events division, which generated revenues of $5.29 billion, up 67% YoY (see under).
Rapino informed buyers that the corporate is seeing “double-digit attendance progress throughout all venue varieties together with golf equipment, theaters, amphitheaters, arenas, stadiums and festivals”.
Dwell Nation says that it held 11 thousand concert events for over 44 million followers throughout almost 50 nations in Q3 – its highest quarterly attendance ever.
Attendance on the firm’s stadium occasions greater than tripled to eight.7 million followers in Q3 2022 in comparison with Q3 2019.
Attendance on the firm’s festivals was roughly 6.5 million in Q3 2022, up almost 40% in comparison with Q3 in 2019.
12 months-to-date, 89 million followers have attended 31,000 Dwell Nation occasions
The corporate’s ticketing enterprise, in the meantime, generated revenues of $531.6 million in Q3.
Sponsorship and promoting generated revenues of $343 million in Q3.
Dwell Nation says that its sponsorship enterprise, which noticed its greatest quarter ever in Q3 2022, was pushed by the power of its festivals and on-line partnerships.
“Pageant sponsorship has been our largest progress driver on-site so far, as we now have successfully leveraged report competition attendance this yr and compounded this progress with double-digit will increase in per fan sponsorship,” stated Rapino in his letter to buyers.
As of September 30, 2022, Dwell Nation’s whole money and money equivalents have been $5 billion, which the corporate says “consists of $1.3 billion in ticketing consumer money and $2 billion in free money”.
This free money, together with $565.9 million of accessible debt capability, offers the corporate $2.6 billion of accessible liquidity.
“Clearly 2022 has been an unbelievable yr of returning to dwell occasions, and we count on it to complete sturdy.”
Micahel Rapino
Looking forward to the remainder of 2022 and 2023, Rapino informed buyers in his letter that “clearly 2022 has been an unbelievable yr of returning to dwell occasions, and we count on it to complete sturdy”.
He added: “Momentum is powerful with early indicators pointing to continued progress in 2023 throughout our companies.
“Ticket gross sales for reveals in 2023 are pacing even stronger than they have been heading into 2022, up double-digits year-over-year, excluding gross sales from rescheduled reveals. In our sponsorship enterprise, confirmed commitments are up 30% from this time final yr, exhibiting the resiliency and long-term commitments that manufacturers have for our enterprise.
Past these particular main indicators, going into 2023, we count on we’ll drive progress in our live performance enterprise by including extra venues to our operated portfolio, proceed rising ancillary per fan income and additional our efforts to ship market worth for the present to artists.
“And in ticketing, we count on to learn from these market pricing tendencies, whereas additionally persevering with to globally add new shoppers to our world-class platform.
Cinq Music Group’s repertoire has gained Grammy awards, dozens of Gold and Platinum RIAA certifications, and quite a few No.1 chart positions on a wide range of Billboard charts. Its repertoire consists of heavyweights corresponding to Unhealthy Bunny, Janet Jackson, Daddy Yankee, T.I., Sean Kingston, Anuel, and a whole lot extra.
