Live Nation Entertainment has achieved its strongest quarterly results to date, thanks to the success of Taylor Swift and Beyoncé's live concerts. The parent company of Ticketmaster reported a revenue of $8.3 billion in the third quarter of 2023, a 32% increase from the previous year. Live Nation CEO Michael Rapino expressed confidence in achieving a record-breaking year and stated that the company has already sold a record 140 million tickets this year. Ticketmaster also experienced significant growth, with a 22% increase in fee-bearing ticket sales compared to the previous year. Despite the popularity of Taylor Swift and Beyoncé, other artists such as Pink, Harry Styles, Bad Bunny, the Jonas Brothers, and Bruce Springsteen also contributed to the successful return of live concerts in 2023. Looking ahead, Live Nation anticipates a strong 2024, with a significant number of shows already booked for large venues. However, the company is currently under investigation by the Justice Department for potential anticompetitive practices in relation to venue bookings and ticket sales. Live Nation's President and CFO, Joe Berchtold, addressed the investigation and emphasized that the company believes its promotion business practices are lawful.
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