Michael Rapino, chief executive officer of concert promoter Live Nation Entertainment Inc., earned $139 million in 2022, a record year for the company that also saw management criticized for high ticket prices and operational snafus.
(Bloomberg) — Michael Rapino, chief executive officer of concert promoter Live Nation Entertainment Inc., earned $139 million in 2022, a record year for the company that also saw management criticized for high ticket prices and operational snafus.
Rapino earned $21 million in salary and bonus, along with $116.7 million in stock awards, according to a company filing Friday. Other compensation made up the difference.
In its commentary on compensation, Live Nation cited a “year of record results,” along with “massive growth over 2019, our last full year of operations prior to the onset of the pandemic.” A spokesperson for the company noted that Rapino’s stock awards are based on the shares reaching certain targets.
Sales at the world’s largest concert promoter more than doubled to $16.7 billion last year as artists returned to touring and fans lapped up tickets to shows in the wake of the Covid-19-related shutdowns.
The company has come under fire from lawmakers and fans, after systems at its Ticketmaster subsidiary crashed in November while processing orders for singer Taylor Swift’s new tour.
Live Nation has also been criticized for ticket pricing, which can run into the thousands of dollars for top acts like Madonna and Bruce Springsteen. The company has been promoting a series of reforms aimed at curbing ticket scalping, which it blames for creating shortages.
Shares of Live Nation fell 42% last year, ending six straight years of gains, including a 63% increase in 2021. The stock is down 2.8% this year.
(Updates with company comment in third paragraph.)
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