Live Nation saw its biggest summer concert season to date, the company announced in its third-quarter earnings on Monday, with profitability up 39% to $474 million over the previous year, revenue of $7.7 billion and operating income of $640 million and adjusted operating income of $910 million. While revenue fell 6% to $7.7 billion, adjusted operating income rose 4% to $910 million.
The news follows Live Nation’s all-time biggest first quarter earlier this year, and a record 2023.
“We wrapped up our most active summer concert season ever,” said Michael Rapino, Live Nation’s president-CEO. “Our show pipeline has never been bigger, and brand sponsorships are accelerating. While operating income will be impacted by one-time accruals, we are pacing toward double-digit AOI growth this year. As we look toward an even bigger 2025, we have a larger lineup of stadium, arena and amphitheater shows for fans to enjoy. Momentum continues to build, as we expand the industry’s infrastructure with music-focused venues to support artists and reach untapped fan demand across the globe.”
The company also reported 144 million tickets sold for 2024 Live Nation concerts through October, a 3% gain; that fans in its Venue Nation are spending more on-site, with double-digit increases in on-site spending per fan at major festivals (over 100,000 fans) and up 9% at amphitheaters; and that “nearly all expected sponsorship commitments for the year booked, up double-digits.”
It also says it has sold more than 20 million tickets for Live Nation concerts in 2025, up double-digits, and that stadium on-sales for 2025 (including forthcoming tours by Coldplay, Rüfüs Du Sol and Shakira) have delivered double-digit average growth in show grosses relative to past tours.
The company’s Venue Nation expects to host approximately 60 million fans this year, up 8% over 2023, and notes three major enhancements to its venue portfolio:
Estadio GNP in Mexico City reopened, with average net per fan spending up 20% compared to pre-renovation levels; Northwell at Jones Beach amphitheater reopened after a successful renovation: season seat and box suite sales are up 50%, food and beverage net per fan spending up double-digits, and VIP club sales up 50; and Brooklyn Paramount opened earlier this year, and its VIP Club is generating 30% more revenue per show relative to VIP clubs at other top performing theaters in the U.S.
More to come…
From Variety US