ANOTHER RECORD YEAR FOR LIVE NATION

Live Nation Entertainment delivered its sixth consecutive year of record results as revenue was up 15% and operating income rose 48%. Concerts, ticketing and advertising delivered their strongest operating income results in the history of the company, Live Nation reported this afternoon.

Total revenue for the year was up 15% to $8.35b, a more than $1b increase over 2015.

Live Nation put on more than 26,000 shows in 2016, attracting 71m concertgoers, which pushed revenue up 18% to $5.87b. In the U.S., the company promoted 17,554 concerts, a rise of 700 over 2015.

In 2016, more than 50 sponsors spent more $1m apiece, pushing sponsorship and advertising up 13% to $377.6m.

Ticketing was up 11%, hitting $1.83b as average ticket prices increased by 5% in 2016.

Live Nation President and CEO Michael Rapino says the first two months of 2017 indicate the growth will continue. Year-to-year ticket sales are up 9% through 2/17 and more than 70% of the company’s budgeted advertising revenue for the year is already contracted, he reported.

“The key leading indicators for each of our businesses are up year-on-year into February, pointing to continued strong growth in 2017,” Rapino wrote. “We plan on holding more concerts for more fans in more countries than ever before. We expect to sell more advertising, both onsite and online. And through continued product innovation and expanded distribution at Ticketmaster, we plan on selling more tickets and driving increased conversion.”