Live Nation reported another record quarter in the three months to the end of June, reflecting a continued surge in concert attendance and spending.
The concert giant on Tuesday (July 30) published its latest financial results, showing a 7% year-over-year jump in Q2 revenue to USD $6.02 billion, from $5.63 billion in the same quarter a year earlier. The latest figure was also up from $3.8 billion in the first quarter.
The latest jump in revenue was driven by an 8% YoY increase in revenue from concerts to, $4.99 billion from $4.63 billion, as well as a 3% rise in revenue from its ticketing segment, to $730.7 million from $709.3 million.
Live Nation’s revenue from sponsorships and advertising likewise grew 3% YoY to $312.2 million from $302.9 million.
“We continue to see strong demand globally, with a growing variety of shows attracting both casual and diehard fans who are buying tickets at all price points, which speaks to the unique experience only live concerts can provide,” said Michael Rapino, President and CEO, Live Nation Entertainment.
The company’s latest balance sheet revealed that 39 million fans attended Live Nation concerts globally in Q2, rising 5% from last year. A total of 15,000 Live Nation concerts were held from April to June, up 20% from a year earlier.
“We continue to see strong demand globally, with a growing variety of shows attracting both casual and diehard fans who are buying tickets at all price points, which speaks to the unique experience only live concerts can provide.”
Michael Rapino, Live Nation Entertainment
Live Nation attributed the fan growth to arena shows, which were up by “double-digits” globally, led by the US and Latin America, as well as ampitheater shows that jumped by 40% from Q2 2023. Theater and club attendance, meanwhile, rose 15% YoY.
Live Nation Chief Financial Officer Joe Berchtold told analysts during an earnings call on Tuesday that attendance remained strong despite reduced stadium activity during the first half of the year.
In North America, the number of fans who attended Live Nation shows surged to 23.2 million in Q2 2024 from 18.5 million in Q2 2023. However, outside the region, attendance shrank to 15.7 million from 18.6 million.
Rapino, during the company’s earnings call, said: “Stadiums were always the challenge, international was always going to be a stadium issue given Paris Olympics. Most of France shut down for that month, and most of that affected a lot of the stadium business for the summer.”
In the first half, Live Nation shows reached 25.9 million globally, up from 22.1 million last year, while attendance surged to 61.8 million fans from 56 million fans a year earlier.
Total tickets sold in Q2 rose YoY to 153.6 million from 150.1 million. First-half ticket sales, meanwhile, climbed to 308.6 million from 295.6 million.
In breakdown, the company’s estimated number of fee-bearing tickets sold reached 78 million in Q2, in line with the prior year quarter, while the estimated number of non-fee bearing tickets stood at 75.1 million, up from 71.2 million last year.
Net income attributable to shareholders in Q2 edged up to $298 million, or $1.03 per diluted share, from $293.7 million, or $1.02 per share, in Q2 2023.
The company expects its strong momentum to continue through the summer concerts season as YTD ticket sales hit 118 million, up from that in 2023. Live Nation says its venues are expected to host over 60 million fans this year, up 10% from a year earlier, while amphitheater average per fan spending is poised to grow by about $2 per fan.
Live Nation plans to open 14 major venues globally in 2024/25 and to further expand in global markets.
“Venue Nation’s strategic investments in hospitality and infrastructure are driving strong returns as more attendees maximize their onsite experiences. While operating income will be impacted negatively by one-time accruals, we are on track to deliver double-digit AOI growth for the year and look forward to a very busy 2025,” said Rapino.
Live Nation’s upbeat Q2 results come as the company faces an antitrust lawsuit from the US Department of Justice. The DOJ sued Live Nation Entertainment and its subsidiary, Ticketmaster, in May for the alleged abuse of its dominant position in the live entertainment industry.
However, Live Nation has repeatedly refuted these allegations, saying the DOJ “ignores the basic economics of live entertainment, such as the fact that the bulk of service fees go to venues, and that competition has steadily eroded.”
When asked about how the DOJ’s lawsuit is impacting the company’s strategic decision-making, Berchtold told an analyst on Tuesday that it’s “business as usual” for the company.
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