LIVE NATION BEATS ESTIMATES IN Q3

Live Nation had a record third quarter as revenue was up 21%, attendance at concerts was up 16% and Ticketmaster drove a 7% increase in ticketing revenue.

Revenue in the third quarter, which ended 9/30, hit $3.2 billion, $400m better than analysts expected. Profits were in line with estimates.

The quarter saw 28m fans attend more than 6,000 shows and money spent per fan was up 10%, resulting in an increase of $70m in on-site spending at amphitheaters and festivals. The company predicts 70m people will attend Live Nation concerts in 2016, a record for the promoter.

Ticket pricing initiatives that increased the price of premium tickets had led to artists receiving $450m more in 2016 than last year. Ticketing revenue hit $460.3m in constant currency in the quarter.

“We continue to rapidly grow our concert fan base, which is demonstrating the effectiveness of our flywheel, driving anticipated double-digit growth in sponsorship AOI and ticketing GTV,” Michael Rapino, Live Nation’s President and CEO, said. “As we look forward, we see tremendous opportunities to continue global consolidation of our concerts and ticketing businesses, with further growth in advertising and ticketing from the concerts flywheel.”

Revenue in Live Nation’s sponsorship and advertising business was up 11% and operating income up 4%.