Live Nation Entertainment had a booming quarter in the three months to mid-July.
Quaterly net income at the company, led by CEO Michael Rapino (pictured inset) was up more than double to $36.46m, off towering total revenues of $2.18bn.
(Net income attributable to shareholders was an even more handsome figure, at $37.74m.)
Company-wide revenue was up 23%, operating income was up 76%, and adjusted operating income, or AOI, was up 28%.
Free cash flow jumped 22%, with revenue and AOI up double digits across each of LNE’s core divisions – concerts, advertising and ticketing.
Concerts
In the second quarter Live Nation grew revenue by 26%, operating income by $25 million and AOI by 61% in its concerts business.
Concert revenue alone hit $1.6bn.
The company now promotes concerts in 40 countries globally. In the past quarter it added The Governors Ball Music Festival in New York, Parklife Festival outside London, and secured the long-term management of the Palais Theatre in Melbourne, the city’s most iconic concert venue.
Meanwhile, in the company’s sponsorship & advertising business, revenue was up 17% to $95m, as operating income grew 9% and AOI grew 12%.
The company says it has now sold over 85% of its planned sponsorship & advertising for the year.
Ticketing
Ticketing (Ticketmaster) saw 14% growth in total global Gross Transaction Value to $5.7 billion.
Resale GTV grew over 20% for the ninth consecutive quarter, and was up 49% year-on-year to over $300m.
That helped Ticketmaster drive revenue growth of 23% to $443.3m, operating income growth of 28% and AOI growth of 20% for the quarter.
“Through the deployment of APIs with key partners such as Facebook, BandsinTown and Broadway.com, along with traditional distribution partners such as Groupon, we increased sales by 30% in the first half to more than 5 million tickets,” said the company.Music Business Worldwide
