Live Nation Entertainment announced its largest summer concert season ever in its third-quarter earnings report released on Monday. The company reported a profit increase of 39%, totaling $474 million compared to the previous year. Revenue reached $7.7 billion, while operating income was $640 million, and adjusted operating income came in at $910 million. Although revenue declined by 6% from last year, adjusted operating income grew by 4%.
This announcement follows an exceptional first quarter for Live Nation earlier this year, which was also a record-breaking period for the company.
Michael Rapino, President and CEO of Live Nation, stated, “We wrapped up our most active summer concert season ever. 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 adjusted operating income growth this year. Looking ahead to 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 meet untapped fan demand worldwide.”
The company also highlighted that it sold 144 million tickets for Live Nation concerts through October 2024, marking a 3% increase. Fans attending events in its Venue Nation are spending more on-site, with spending per fan at major festivals rising by double digits and increasing by 9% at amphitheaters. Additionally, nearly all expected sponsorship commitments for the year have been secured, showing a double-digit increase.
Live Nation has already sold over 20 million tickets for concerts scheduled in 2025, reflecting strong demand. Upcoming stadium shows for 2025, including tours by Coldplay, Rüfüs Du Sol, and Shakira, have seen double-digit average growth in ticket sales compared to previous tours.
The Venue Nation segment expects to host approximately 60 million fans this year, an 8% increase from 2023. The company also noted three significant enhancements to its venue portfolio:
Estadio GNP in Mexico City: Reopened with average net spending per fan up by 20% compared to pre-renovation levels.
Northwell Health at Jones Beach Amphitheater: After successful renovations, season seat and box suite sales increased by 50%, with food and beverage spending per fan also rising significantly.
Brooklyn Paramount: Opened earlier this year with its VIP Club generating 30% more revenue per show compared to VIP clubs at other top-performing theaters in the U.S.
Overall, Live Nation’s third-quarter performance reflects a strong recovery and growth trajectory in the live entertainment industry as it prepares for an even more ambitious future.
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