Name: Live Nation 如何吞噬現場音樂產業 | WSJ The Economics Of (How Live Nation Is Devouring the Live Music Industry | WSJ The Economics Of)
Uploaded: 2025-05-05T02:55:00.000Z
Duration: 9 min 57 s

The average cost of going to a concert has nearly doubled in the last 10 years.

在過去 10 年裡，聽一場音樂會的平均費用幾乎翻了一番。

情態副詞

And yet, for some venues, live music has been a notoriously hard business to make money from.

然而，對於一些場所來說，現場音樂一直是出了名的難賺錢行業。

程度副詞

The majority of people is not making anything else apart from a living, and it's just being squeezed.

大多數人除了謀生之外，別無所長，只能任人宰割。

But Live Nation seems to have it figured out.

但 Live Nation 似乎已經想好了辦法。

It made $23 billion in 2024, not just by owning Ticketmaster, but by having a hand in nearly every corner of the industry.

2024 年，它賺了 230 億美元，不僅因為它擁有 Ticketmaster，還因為它幾乎涉足了該行業的每個角落。

Live Nation's so-called flywheel business model has fueled the company's rise by treating each of its businesses like a cog in the machine that helps propel the whole business forward.

Live Nation 所謂的飛輪業務模式將其每項業務都視為機器中的一個齒輪，幫助推動整個業務向前發展，從而推動了公司的崛起。

But some, including the U.S. government, are questioning whether it's monopolizing the industry.

但包括美國政府在內的一些人正在質疑它是否壟斷了該行業。

There is more competition in the industry today than there ever has been.

當今行業的競爭比以往任何時候都更加激烈。

If you don't work with them, there is great fear that they will destroy you.

如果你不與他們合作，就會非常害怕他們會毀了你。

It used to be that you would go on tour to promote album sales.

以前，你會通過巡演來促進專輯銷售。

Now you put out music so that you can go on tour and sell tickets and merchandise.

現在，你們推出音樂，以便進行巡演，銷售門票和商品。

Behind the scenes of any tour are four main businesses, the artist, the promoter, the venue and the ticketing platform.

任何巡演的幕後都有四大企業，即藝術家、推廣者、演出場所和票務平臺。

Back in 2010, Live Nation merged with Ticketmaster, creating Live Nation Entertainment.

2010 年，Live Nation 與 Ticketmaster 合併，成立了 Live Nation Entertainment。

This was the world's largest concert promoter teaming up with the largest purveyor of tickets.

這是世界上最大的音樂會推廣商與最大的門票銷售商的合作。

Over the last 15 years, Live Nation has employed a flywheel business model to gain a stake in every major business in the live events industry.

在過去的 15 年裡，Live Nation 採用飛輪商業模式，獲得了現場活動行業所有主要企業的股份。

The flywheel is something that executives at Live Nation have talked about publicly on investor calls for years.

飛輪是 Live Nation 高管多年來在投資者電話會議上公開談論的話題。

This has been something that investors have very much cheered on.

And, you know, we've seen their stock go up and up over the years.

這些年來，我們看到他們的股票漲了又漲。

But now it's something that the DOJ has identified specifically as problematic.

但現在，司法部已經明確指出這是有問題的。

As part of its antitrust lawsuit, the U.S.

作為反壟斷訴訟的一部分，美國

Department of Justice included this graphic to illustrate how Live Nation can reinvest profits from its high margin businesses into its lower margin businesses.

司法部通過這幅圖表說明了 Live Nation 如何將高利潤業務的利潤再投資於低利潤業務。

They are vertically integrated, and that allows them to take losses on their promotions and their shows because they have ticketing revenue that comes in.

他們是縱向一體化的，這使得他們可以在促銷和演出方面承擔損失，因為他們有票務收入。

They have advertising deals that not a single independent venue or festival could ever even come close to touching.

他們所擁有的廣告交易是任何一個獨立場館或藝術節都無法企及的。

Live Nation can get a lot of bang for its buck on sponsorships and advertising because it doesn't cost much to attach a brand's name to an event.

Live Nation 可以在贊助和廣告方面獲得很大收益，因為將品牌名稱與活動掛鉤的成本並不高。

That could be something like, you know, Verizon sets up special little mini stages around a festival.

比如，Verizon 在音樂節周圍搭建特殊的小型舞臺。

And anyone that has that Verizon ticker on their phone can pop up there and get an epic view for a few minutes.

任何人只要在手機上安裝了 Verizon 瀏覽器，就能在幾分鐘內欣賞到壯觀的景色。

Ticketmaster takes more resources to operate, but also has impressive margins.

Ticketmaster 的營運需要更多資源，但利潤率也很可觀。

Putting on concerts is even more expensive, especially for independent venues like this one.

舉辦音樂會的成本更高，尤其是像這裡這樣的獨立場館。

We just hope and pray that 90 people come in that like a drink and they spend £10 each and then we're in profit because the breakeven point currently for our shows is around £550, £600.

我們只希望並祈禱有 90 人進來喝一杯，每人消費 10 英鎊，然後我們就盈利了，因為目前我們演出的盈虧平衡點在 550 英鎊或 600 英鎊左右。

Bermondsey Social Club does work with Live Nation to book some up and coming artists, but Live Nation makes a lot of its money from stadium tours.

Bermondsey Social Club 確實與 Live Nation 合作預訂了一些新晉藝人，但 Live Nation 的大部分收入來自體育場巡演。

It owns, operates, has a stake in or exclusively book shows for around 390 venues across more than 50 countries.

它擁有、經營、參股或獨家預訂 50 多個國家約 390 個場館的演出。

From amphitheaters to the House of Blues, it also has a controlling stake in festivals like Lollapalooza and Bonnaroo.

從露天劇場到藍調之屋，它還控股了 Lollapalooza 和 Bonnaroo 等音樂節。

When we are advocating as the independent live sector, it's to make sure that we can keep our doors open.

當我們作為獨立直播部門進行宣傳時，是為了確保我們能繼續開門營業。

Live Nation is lobbying so that they can make sure that the profit margin is large.

Live Nation 正在進行遊說，以確保利潤空間很大。

Live Nation said it's not lobbying to protect margins and it supports many reforms that could actually reduce profits.

Live Nation 表示，它沒有為保護利潤率進行遊說，而且它支持許多實際上可能減少利潤的改革。

In 2019, fans spent an average of $29 on extras at Live Nation amphitheaters.

2019 年，粉絲們在 Live Nation 圓形劇場平均花費 29 美元購買臨時演員。

到 2024 年，這一數字將超過 40 美元。

Because we are only making money on the bar, youth culture not drinking as much, that has a knock on effect to the amount that we're taking.

因為我們只賺酒吧的錢，年輕人不喝那麼多酒，這對我們的營業額也有影響。

Part of Live Nation's strategy has been to invest in ancillary businesses like Liquid Death, CVT Soft Serve and everything legendary.

Live Nation 的部分戰略是投資於輔助業務，如 Liquid Death、CVT Soft Serve 和一切傳奇業務。

If you go to the Securities and Exchange Commission website and you look up Live Nation, there's an 11 page document that lists more than 425 subsidiary companies or organizations of Live Nation.

如果你訪問證券交易委員會網站並查找 Live Nation，有一份 11 頁的文件列出了 Live Nation 超過 425 家子公司或組織。

These are just more spokes of the flywheel.

It's getting its tentacles into every piece of the live events business.

它的觸角正伸向現場活動的方方面面。

In the case of Liquid Death, this is a company that they not only invested in, but then were able to make the exclusive water provider at many of its venues.

就 Liquid Death 而言，他們不僅投資了這家公司，還讓其成為許多場館的獨家供水商。

Live Nation is able to increase its profit margins on concerts by also selling things like VIP ticket packages, parking, phone chargers and more.

Live Nation 還出售 VIP 套票、停車位、手機充電器等產品，從而提高了演唱會的利潤率。

You think about when you would go to shows and you get a kind of warm beer and be standing on a sticky floor.

你會想到，當你去看演出時，你會喝到一種溫熱的啤酒，然後站在黏糊糊的地板上。

There's a long way to go to kind of give an elevated experience for the fans that want it.

要為想要體驗的粉絲提供更高的體驗，還有很長的路要走。

Now, the venues are nothing without artists on the stage and promoters to bring in the fans.

現在，如果沒有藝術家在舞臺上表演，沒有推廣人員吸引粉絲，場館就什麼都不是。

Managers are often the most important part of an artist's day-to-day business.

經紀人往往是藝術家日常業務中最重要的部分。

Live Nation has its own management agency called Artist Nation.

Live Nation 有自己的管理機構，名為 Artist Nation。

It's also invested in other agencies like Jay-Z's Roc Nation and even an influencer talent agency.

它還投資了其他機構，如 Jay-Z 的 Roc Nation，甚至還有一家影響力人才機構。

Live Nation's promotion business has grown by acquiring or investing in independent promoters around the world.

Live Nation 的推廣業務是通過收購或投資世界各地的獨立推廣商發展起來的。

The amount of hours it takes to promote it, get the artwork done, changes, speak to the artist, and then all that for a return isn't really there.

宣傳、完成作品、修改、與藝術家溝通，所有這些都需要花費大量的時間，而回報卻並不明顯。

So you need your Live Nation to be able to do it.

是以，你需要你的 Live Nation 能夠做到這一點。

What we have done is really built the best touring team in the industry.

我們所做的就是真正建立起業內最好的巡演團隊。

You know, none of this would happen without all the folks that grind it out behind the scenes and on tour.

要知道，如果沒有那些在幕後和巡演中默默付出的人們，這一切都不會發生。

無論如何，這都不是一種輕鬆的生活方式。

According to Polestar, Live Nation is by far the largest global concert promoter today, selling $7.5 billion worth of tickets in 2024, which includes its acquisition of Ossessa, a Mexican concert promoter.

根據 Polestar 的數據，Live Nation 是目前全球最大的音樂會推廣商，2024 年的門票銷售額將達到 75 億美元，其中包括對墨西哥音樂會推廣商 Ossessa 的收購。

Live Nation estimates its global ticket revenue is higher at more than $10 billion.

Live Nation 估計其全球門票收入超過 100 億美元。

Because Live Nation has this Ticketmaster unit, which is essentially a cash cow, they are able to offer a lot of money to artists to buy out their entire tour.

由於 Live Nation 擁有 Ticketmaster 部門，而該部門本質上就是一棵搖錢樹，是以他們可以向藝人提供大量資金，買斷他們的整個巡演。

What they can do is route a tour through buildings that Ticketmaster has exclusive ticketing contracts with.

他們所能做的，就是在與 Ticketmaster 簽訂了獨家售票合同的建築中安排巡演路線。

And that's where Live Nation's ticketing business comes in.

這就是 Live Nation 的票務業務所在。

Ticketmaster was the pioneer and is still the dominant player in this thing called exclusive ticketing contracts.

Ticketmaster 是獨家票務合同的先驅，現在仍然是這一領域的主導者。

This is when they go to venues of all sizes, clubs, theaters, arenas, amphitheaters, and they become the exclusive ticketing provider for that venue.

這時，他們會去各種規模的場所，如俱樂部、劇院、競技場、露天劇場，成為該場所的獨家票務提供商。

The wink, wink, nod, nod is that if you choose Ticketmaster as your ticketing provider, you are more likely to have Live Nation shows coming through the door.

眨眼、眨眼、點頭、點頭的意思是，如果你選擇 Ticketmaster 作為你的票務提供商，你就更有可能看到 Live Nation 的演出。

Live Nation said artists and their team decide where to play based on what's best for their fans and their shows.

Live Nation 表示，藝人和他們的團隊會根據對粉絲和演出最有利的因素來決定演出地點。

Ticketing revenue for Live Nation has more than doubled since the merger in 2010.

自 2010 年合併以來，Live Nation 的票務收入增長了一倍多。

At the same time, the average ticket prices for a North American tour have also nearly doubled.

與此同時，北美巡演的平均票價也幾乎翻了一番。

Resale is the number one thing that impacts ticket prices, and scalpers are not going to stop coming after that.

轉售是影響票價的頭號因素，而黃牛在此之後也不會善罷甘休。

Unless there are some real rules and regulations getting in their way.

除非真的有什麼規章制度妨礙了他們。

Ticketmaster has its own resale platform as well, which competes with companies like StubHub and SeatGeek.

Ticketmaster 也有自己的轉售平臺，與 StubHub 和 SeatGeek 等公司競爭。

Live Nation says it's proud to do resale differently because it gives artists the option to use Ticketmaster's face value exchange to cap resale prices.

Live Nation 表示，它很自豪能以不同的方式進行轉售，因為它允許藝術家選擇使用 Ticketmaster 的票面價值交換來限定轉售價格。

We also, as a society, kind of crucify artists for their front row prices when, you know, you could compare that to courtside at a basketball game in the same building.

作為一個社會，我們還因為藝術家的前排票價而將他們釘在十字架上，而你知道，你可以將前排票價與在同一棟樓裡觀看籃球比賽時的場邊票價相提並論。

And that sports ticket is five, if not 10x what the concert ticket is.

而體育比賽的門票是音樂會門票的五倍，甚至十倍。

StubHub told the Journal, it's always been clear that Ticketmaster's priority isn't fans, it's profits.

StubHub 告訴《日報》，Ticketmaster 的首要任務不是粉絲，而是利潤，這一點一直都很清楚。

While they tout their face value exchanges, their control of 80% of all ticketing, nearly one third of the resale market and billions in resale profits, tell a different story.

雖然他們吹噓自己的票面價值交換，但他們控制著 80% 的票務、近三分之一的轉售市場和數十億的轉售利潤，這說明了另一個問題。

And SeatGeek said resale operates best when fans aren't locked into a single platform.

SeatGeek 表示，當球迷不被鎖定在一個平臺上時，轉售的效果最好。

It is not a simple task to track a dollar of spending on a concert ticket.

要跟蹤音樂會門票上的一美元支出並非易事。

It really shows Live Nation's versatility in creating deals that not only work for the artist, but really benefit Live Nation and squeeze the maximum benefit from any corner of the industry.

這確實顯示了 Live Nation 的多才多藝，它不僅能為藝人創造交易，還能讓 Live Nation 真正受益，並從行業的任何角落榨取最大利益。

This is how Live Nation breaks down the cost of a hypothetical concert ticket.

Live Nation 是這樣分解假設演唱會門票的成本的。

Of course, they own the ticket company, but they might also own the promoter, the venue and could even manage the artist.

當然，他們擁有票務公司，但也可能擁有推廣人、場地，甚至可以管理藝人。

I think it's important to say that every dollar that an artist gets from us or from Live Nation, they absolutely deserve.

我認為重要的是，藝人從我們或 Live Nation 拿到的每一分錢，都是他們應得的。

But there is a really, really important thing to remember, which is if those artists ultimately choose Live Nation all the time and don't choose us, there's not going to be a place for artists to go other than an arena or a Live Nation venue or a corporate venue that's owned by a multinational conglomerate because we won't be here.

但有一件非常非常重要的事情需要記住，那就是如果這些藝術家最終一直選擇 Live Nation 而不選擇我們，那麼除了競技場、Live Nation 場館或跨國集團旗下的企業場館之外，藝術家們將無處可去，因為我們不會在這裡。

I mean, if someone comes along to me in five years time and I've had enough of it after 15 years and goes, here's a big bag of carrots, do you want it?

我的意思是，如果五年後有人來找我，而我在 15 年後已經受夠了，然後說，這裡有一大包胡蘿蔔，你想要嗎？

Then there might be a different scenario.

But for now, I'm always going to be independent.

The flywheel business model helped fuel Live Nation's rise to become the most powerful company in live entertainment.

飛輪商業模式幫助 Live Nation 崛起成為現場娛樂業最強大的公司。

Now, with the DOJ lawsuit underway, could it become its downfall?

現在，司法部的訴訟正在進行中，這會不會成為它的垮臺？

Everything that they claim to have an issue with, like there's not really anything in that that we're precious about protecting.

所有他們聲稱有問題的東西，就好像我們並不珍視保護的東西一樣。

There's a lot of stuff they claim we do that we don't.

有很多他們說我們做的事情，我們並沒有做。

But ultimately, you know, we're out there competing every day for venue deals, for artist deals.

但歸根結底，我們每天都在為場地交易和藝人交易而競爭。

And so, no, I would say we kind of keep doing what we're doing.

所以，不，我想說的是，我們會繼續做我們正在做的事情。