News - 03/11/2017

Live Nation's revenue up 12%

Live Nation's revenue up 12%

Live Nation shared its financial results and they show the company had its best third quarter in its history and is on track for a record year for earnings and operating incoming. According to the figures, Live Nation is reporting a revenue increase of 12% per quarter and an earnings per share increase of $0.53, up 8% over the same period in 2017. 

For the past nine months, revenue was up 19 percent, operating income was up 26 percent and the company’s three major divisions (concerts, advertising and ticketing) hit record adjusted operated income totals.

CEO Michael Rapino wrote in a letter to shareholders:

Our concerts business is our flywheel, attracting almost 30 million fans to shows globally in the quarter, which then drove record results in our onsite, ticketing and advertising businesses. Through October, we have sold over 80 million tickets for concerts in 2017, up 20 percent year-on-year. With our strength in concert attendance growth we are also seeing similar success in our onsite, sponsorship and ticketing businesses, giving us confidence that 2017 will be another year of record results for Live Nation overall and for each of our divisions.

Attendance was up 9 million fans to 65 million, thanks in part to a number of acquisitions including Salt Lake City’s United Concerts. Average show attendance is up six percent for 2016 while amphitheater average ancillary revenue per fan increased nine percent to almost $24. The report also showed that festival sponsorship was up 20 percent with over 50 sponsors spend more than $1 million a year with Live Nation.

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