Business
Uptix: Live Nation just posted its best quarter on record

Uptix: Live Nation just posted its best quarter on record

David Crowther
11/2/23 7:00PM

Center stage

Following a record-shattering series of live shows this year — with unprecedented demand driven by the concerted efforts of artists like Taylor Swift and Beyoncé — events promoter Live Nation Entertainment has capitalized as the ticket-shifting tour-de-force.

The company, which also owns Ticketmaster, just delivered its biggest quarter ever, seeing revenue boom 32% to a roaring $8.2 billion in Q3, notching a profit of nearly $484 million. These results are in tune with the astronomical ticket sales that Live Nation has posted so far this year: a record 140 million, already eclipsing 2022's total.

Golden ticket

Typically the strongest quarter for concert sales, this summer has been a belter for live music, as tours from fan favorites like Harry Styles, Coldplay, and Pink grossed up to $300 million each.

However, Live Nation President Joe Berchtold was quick to discount individual star power as the root cause of the company's considerable growth: “No artist is going to account for more than 1% of the tickets, so no one or two will ever hurt us year over year.

Even so, the company has come under fire for long wait times and resale price inflation during the frenzied US ticket sale for Swift’s Eras Tour. But rising costs are unlikely to slow consumer appetite for gig-going: the average ticket price for the top 100 US tours was ~$120 in 2023, around a $58 jump from just 2 years before. And, moving into 2024, concert attendance is only expected to accelerate — Live Nation has already booked two-thirds of its commitments for next year, with half slated to take place in large venues.

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Max Knoblauch
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Amazon is testing adding GM electric vans to its EV delivery fleet dominated by Rivian

Rivian may have some competition in its electric delivery van division: Bloomberg reports that Amazon is testing a small number of GM’s BrightDrop vans for its fleet.

According to Amazon, the test currently only includes a dozen of the vehicles. Amazon’s fleet also contains EVs from Ford, Stellantis, and Mercedes-Benz.

GM debuted BrightDrop in 2021, but the vehicles have struggled to sell and piled up on GM lots due to high prices and steep competition. GM began offering up to 40% rebates on the vehicles this year.

The test comes as Rivian struggles through tariffs and the end of EV tax credits. Earlier this year, it lowered its annual delivery outlook by about 13%. As of June, Amazon said it has more than 25,000 Rivian vans across the US. Earlier this week, Rivian CEO RJ Scaringe said the company is still on track to deliver 100,000 vans to Amazon by 2030 and is “thinking about what comes beyond” that initial target.

GM has sold 1,592 BrightDrop vans through the first half of the year, more than the full-year total it sold in 2024.

Amazon Tests GM EV Delivery Vans in Bid to Meet Climate Goals

Amazon Tests GM EV Delivery Vans in Bid to Meet Climate Goals

GM debuted BrightDrop in 2021, but the vehicles have struggled to sell and piled up on GM lots due to high prices and steep competition. GM began offering up to 40% rebates on the vehicles this year.

The test comes as Rivian struggles through tariffs and the end of EV tax credits. Earlier this year, it lowered its annual delivery outlook by about 13%. As of June, Amazon said it has more than 25,000 Rivian vans across the US. Earlier this week, Rivian CEO RJ Scaringe said the company is still on track to deliver 100,000 vans to Amazon by 2030 and is “thinking about what comes beyond” that initial target.

GM has sold 1,592 BrightDrop vans through the first half of the year, more than the full-year total it sold in 2024.

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Paramount Skydance reportedly preparing an Ellison-backed Warner Bros. Discovery takeover bid, sending shares soaring

Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.

WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

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The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

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As tariffs take root, August new vehicle prices climb by the most in more than 2 years

According to data from Cox Automotive, 17 vehicle brands raised prices of their new vehicles by more than 3% in August.

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