LIVE NATION REVENUE UP 23% IN Q2: BAM

Revenue at Live Nation was up 23% to $2.2b for the three months that ended 6/30, while operating income spiked a whopping 76% in year to year comparisons.

“With concert and ticketing sales running well ahead of last year, we are confident that 2016 will be another record year of results for Live Nation overall and for each of our core divisions,” Live Nation Entertainment President and CEO Michael Rapino said in announcing the results.

From Jan. 1 through mid-July, the company has sold more than 50m tickets, pacing 17% ahead of this point last year. The number of shows at stadiums, arenas and amphitheaters has risen 18%.

For the quarter, the company saw double-digit growth in net revenue per fan amphitheaters, increasing by $2 per fan thanks to improvements in food and beverage offerings and expanding options for high-end customers.

During the quarter, Ticketmaster added nearly 400 new clients globally as its revenue grew 23%.

“One key component for continuing Ticketmaster’s growth is opening our marketplace to sell tickets on other distribution platforms, driving increased conversion and tapping into additional fan bases,” Rapino said, noting partnerships with Facebook, BandsinTown, Broadway.com and Groupon.

In an email to staffers, Rapino also noted that 50 sponsors are projected to spend more than $1m in 2016 taking sponsorship income over $200m for the year.

The company’s stock price rose 4.9% to $27 in after-hours trading after the results were announced.