Revenue at the concert promotion giant hit $5.6 billion, generating earnings per share of $1.02.
“We believe this is a time on a global basis when live will see incredible growth for years to come,” Live Nation chief executivesaid on an earnings call after the company’s financial results were released Thursday .
The report noted that a record number of fans have attended Live Nation concerts this year, with 117 million tickets sold year-to-date for Live Nation shows — an increase of 20% year-over-year. Ticketmaster clients reported sales of 151 million fee-bearing tickets sold so far this year, with Ticketmaster on track to sell 300 million fee-bearing tickets in 2023. The company also reported a double-digit increase in sponsorship revenue and $4.
In terms of venue size, stadiums saw the most growth, with attendance up 28% to 8.0 million fans, led by Europe and Asia Pacific. Arenas saw the second-highest growth rate, up 19% to 10.7 million fans, largely from Canada, Asia Pacific and Latin America. Finally, festivals grew 14% to 4.5 million fans, driven by global demand across all markets.
Capital expenditures at Live Nation totaled $158 million year-to-date, driven by investments in on-site venue enhancement and the expansion of the company’s venue portfolio. The 2023 capital expenditures forecast remains at $450 million, two-thirds of which is allocated for revenue-generating projects.
Despite the rosy earnings report, shares were slightly down Thursday after close to $96.93, marking a drop of less than 1%.Adjusted operating income: $168.1 million, up 37% from 2022 Q2Ticketing revenue: $709.3 million, up 23% from 2022 Q2North American concerts: 8,111, up .67% from 2022 Q2North American fans: 18.5 million, up 6% from 2022 Q2Fee-bearing tickets: 78.9 million, up 10% from 2022 Q2
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