In a conversation on CNBC’s “TechCheck” on Monday, Live Nation Entertainment CEO and president Michael Rapino said he expects a record year for the company’s ticket sales, despite the ongoing conflict between Ukraine and Russia.
“We don’t have a lot of shows in that area so that hasn’t really affected our business,” Rapino told CNBC’s Julia Boorstin. “Europe seems to be business as usual right now for the summer, so we haven’t seen any disruption in our core business around the world in terms of touring.”
He continued, “We’re still tracking 30% plus up year over year, we’re seeing consumers buying tickets on sale this weekend. We had sold out festivals this weekend. So I do believe that the pent-up demand over the last two years is going to power through any short term inflation issues. Tickets seem to be flying out of the door both from the front seat to the back. So we’re looking still for a record ‘22 across the globe.”
Live Nation was among the entertainment companies behind Travis Scott’s Astroworld festival in November, where 10 concertgoers died as a result of a crowd surge, and more than 300 others were injured with two dozen people hospitalized. The company faced swift backlash after the incident, including hundreds of lawsuits against Live Nation and Scott that were combined into a single case in January, seeking billions of dollars in damages.
Rapino is also the subject of a congressional investigation into the incident. He received a letter from Committee on Oversight and Reform chairwoman Carolyn B. Maloney in December, which read, in part, “Recent reports raise serious concerns about whether your company took adequate steps to ensure the safety of the 50,000 concertgoers who attended Astroworld Festival.”
Among Live Nation’s upcoming events this year are the Governors Ball Music Festival in New York City in June and the Austin City Limits festival in October, as well as tours from artists including H.E.R., Machine Gun Kelly and Chris Stapleton.