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HomeBusiness News‘The 2 yr await artists and followers is over,’ says Dwell Nation...

‘The 2 yr await artists and followers is over,’ says Dwell Nation boss Michael Rapino, as agency posts $6.3bn revenues for 2021

Live performance big Dwell Nation Leisure has revealed its monetary outcomes for This fall (ended December 31) and full yr 2021.

Inside the submitting, the corporate studies quarterly revenues of $2.7 billion throughout all divisions, together with concert events, ticketing and promoting & sponsorship.

The agency’s annual revenues topped $6.3 billion, with Dwell Nation President and CEO Michael Rapino telling buyers this week that he believes that, “that is simply the beginning of what would be the strongest multi-year interval ever for the live performance business”.

Dwell Nation’s quarterly revenues of $2.7 billion eclipsed the $237.3 million reported in the identical quarter in 2020, when only a few reveals had been going down globally because of the pandemic.

The agency’s This fall concert events revenues soared to $2.04 billion, up from $178.4 million within the prior yr quarter.

Writing to buyers, Rapino stated that, “the yr began within the midst of the pandemic, however by summer season followers had been returning to reveals, and by the top of the yr, we had a report pipeline of concert events, ticket gross sales and promoting commitments for 2022”.

He added: “The previous two years have solely strengthened the ability of stay music, and it’s been nice to see artists and followers reconnecting at scale all over the world.”

Throughout the total yr, Dwell Nation’s whole revenues noticed progress of $4.5 billion YoY to succeed in $6.3 billion, versus $1.8 billion in FY 2020.

A more in-depth have a look at the agency’s full yr outcomes reveals that its Live shows enterprise contributed $4.7 billion to that $6.3 billion whole (see beneath).

Dwell Nation’s Live shows income was up by $3.3 billion YoY, from $1.4 billion in FY 2020.

The agency’s Ticketing enterprise, in the meantime, generated $1.1 billion in 2021, versus £188.4 million in FY 2020.

Dwell Nation generated $411.9 million from Sponsorship and Promoting in 2021, a rise of $208.2 million YoY, in comparison with $203.7 million in 2020.

Dwell Nation studies that it placed on over 17,000 concert events for 35 million followers in 2021, primarily within the US and UK.

Within the last 5 months of the yr, within the US and UK, Dwell Nation studies to have had over 15 million followers attend its outside occasions at festivals, stadiums, and amphitheaters, practically 25% increased than throughout the identical interval in 2019 (the yr earlier than the pandemic).

Trying to the remainder of 2022, Dwell Nation says that for live performance ticket gross sales, by way of mid-February, it has already offered 45 million tickets for reveals this yr, up 45% (see beneath) from this level in 2019.

Moreover, Dwell Nation says that it already has eight artists who’ve offered over 500,000 tickets for his or her excursions this yr, together with Unhealthy Bunny, Dua Lipa and Billie Eilish.

Michael Rapino informed buyers that, “with the power in ticket gross sales, not surprisingly, we’re seeing each main indicator for 2022 up relative to 2019, reinforcing our confidence that we’ll have a report yr in 2022 that units us up for progress over the following a number of years”.

Rapino additionally famous that Dwell Nation’s acquisition of its 51% stake in OCESA helps to speed up its progress this yr and offers the agency “rapid scale in Mexico and establishes one other path into the broader Latin American market”.

“I imagine that is simply the beginning of what would be the strongest multi-year interval ever for the live performance business.”

Michael Rapino

Added Rapino: “Trying on the main indicators, beginning with confirmed present rely by way of February, we’re up 30% relative to 2019 throughout our giant venue reveals, for stadium, amphitheater, area and competition occasions.

“And followers are coming to the reveals – our most up-to-date information over the previous month signifies no-show charges at our concert events within the U.S. are again to 2019 ranges, eliminating any lingering questions on the resiliency of fan demand.

“Taking this robust pipeline and mixing it with our extra environment friendly price construction, I count on 2022 to ship report monetary efficiency general and for every division.

“The 2 yr await artists and followers is over.  By no means have the tailwinds to our enterprise been so robust, and I imagine that is simply the beginning of what would be the strongest multi-year interval ever for the live performance business.”

On the the top of This fall (as of December 31, 2021), Dwell Nation had whole money and money equivalents of $4.9 billion, which incorporates $1.3 billion in ticketing shopper money and $1.5 billion in free money.

This free money, together with $569.9 million of obtainable debt capability, provides the corporate $2.1 billion of obtainable liquidity.

The corporate says that it believes this stage of liquidity will present it with the runway it wants as extra reveals returns.

 Music Enterprise Worldwide



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