#TheWeeklyRoundUp - 24.02.23

Live Nation: concerts are ‘one of the last experiences fans will cut back on’ (Music Ally)

Live music revenues are growing again, after the massive hit caused by Covid-19 and its resulting lockdowns. However, as has been well documented in recent months, the sector is far from ‘recovered’ from the pandemic.

Big artists may be selling out stadiums (and crashing ticketing systems) but lower down the pyramid, many are struggling, and that has been sparking a debate about the new spectre of a cost-of-living crisis, and fans spending less on concerts not because they’re locked down, but because they can’t afford to.

Reading between the lines, these concerns are clear in Live Nation’s latest financial results. “Our research consistently tells us that concerts are a top priority for discretionary spending, and one of the last experiences fans will cut back on,” claimed the company. The very fact of saying this shows that it’s a legitimate concern.

Naturally, Live Nation offered plenty of figures to back its case up. Its global attendance grew by 24% in 2022 to 121 million fans at 44k events, with the company stressing that this wasn’t just about the biggest gigs and festivals: “This growth came from all markets and venue types – every venue type from clubs and theaters to stadiums to festivals had double-digit attendance growth vs 2019.”

It’s been a difficult few months for Live Nation and Ticketmaster on the policy side, with US politicians rumbling about what they see as a dominant market position, and even a potential unwinding of the two companies’ merger.

The financials sought to address some of those questions too, including criticism of ticket prices. “We helped shift $700 million to artists with more market value ticket pricing – even as the entry price to a show stayed below $35 in the US,” claimed Live Nation, adding that “typically 90% of ticket sales for Live Nation shows go to artists”.

A section on ‘Regulatory Environment and Reforms’ tackles the political pressure head-on too. No surprises here: Live Nation maintains that “the ticketing industry is more competitive than ever”; believes it has not violated the consent decree relating to its Ticketmaster merger; and wants the legislators to focus on tackling bots and scalpers rather than punishing Live Nation.

The company is throwing its weight behind a piece of legislation called The FAIR Ticketing Act, pitched as “a federal law that backstops artist’s ability to control their tickets”. We can expect to hear more about this in the weeks ahead.

The figures are almost secondary (an appropriate word!) but still worth noting: Q4 revenues up 59% year-on-year to $4.29bn including 66% growth for concerts; 34% for ticketing and 44% for sponsorship revenues.

Live Nation is predicting “another record year and even greater success in 2023”, although for all its positivity, the company – like the wider industry – will continue to monitor those economic clouds carefully.

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AKA's posthumous album tracklist reveals new music with Nadia Nakai (News 24)

AKA's girlfriend and fellow rapper, Nadia Nakai, is one of the artists featured on his upcoming album, Mass Country, set for release on Friday. The 14-track album also features Emtee, Sjava and Yanga Chief. As tributes for AKA continue to pour in, former Jamali member Mariechan Luiters shared that she penned a song dedicated to the rapper and his loved ones to comfort them.

Four tracks from the album, including Lemons (Lemonade) featuring Nasty C, Prada featuring Khuli Chana, Paradise featuring Blxckie and Yanga Chief, and Company featuring Kddo, have already been released.

In an earlier statement, AKA said Paradise was inspired by a Valentine's Day fight with Nadia Nakai. He said it was the genesis of where the track came from, adding that it was about pressing the reset button with your partner, wiping the slate clean and making things right.

Company was released last week, in line with AKA's roll-out plan. It was the same day as his memorial service.

In a much-talked-about interview on Kaya 959, Nadia Nakai previously said supporters could "definitely" look forward to a song between her and AKA.

Responding to a question by one-half of the radio station's breakfast show host, Sol Phenduka, about "a joint project or music of some sort", she said: "I don't know about a joint project, but definitely a song. I mean, we've been working together on songs.

"We do have a lot of songs, so definitely, something will be coming out that I know – hopefully soon. But there are songs that are in the bank between the both of us."

AKA was gunned down in Durban earlier in the month and laid to rest in a private funeral at the weekend. His long-time friend and former manager, Tebello 'Tibz' Motsoane, was killed in the same shooting.