LIVE NATION POSTS
$5.6 BILLION Q2

Live Nation’s Q2 revenue rose a whopping 27% over last year to a near-record $5.6b as its concert division saw double-digit growth in every category. Concerts revenue rose 29% to $4.6b.

The final tally significantly surpassed stock analysts’ prediction of a $4.95b quarter. The only other quarter to generate more revenue was 2022's Q3 ($6.2b).

“Live music is bigger than ever, with global demand driving the industry to record levels,” said Live Nation Entertainment President and CEO Michael Rapino. “There’s a more diverse pipeline of artists breaking from all corners of the world, and at the same time, tours are going to more markets—particularly in Latin America and Asia. This was our strongest second quarter ever, with 2023 on pace to be a record year and early indicators for 2024 giving us confidence in continued growth.”

Attendance at stadium shows was up 28% to 8m fans, led by Europe and Asia Pacific. Arena concerts brought in 19% more people, 10.7m attendees, largely from Canada, Asia Pacific and Latin America. And festival attendance was up 14% to 4.5m.

Live Nation put on more than 12k events in the quarter—8,111 were in North America—attended by 37 million. The company is on track to invest over $12b in putting on concerts in 2023, up 30% from 2022.

Operating income was up 21% to $386m. Adjusted operating income rose 23% to $590m.

A record 151m fee-bearing tickets have been sold year to date, an increase of 22% year over year, and Ticketmaster is on track to manage 600m tickets, half of which are fee-bearing. Total fee-bearing gross transaction value is up 25% to $8.7b, with North America up 22% and international 34%.

Rapino and LNE President and CFO Joe Berchtold told analysts on a call that 2024 is shaping up as equal to 2023 at all levels, from clubs to stadiums. “A year ago, we thought '22 was a record year and we’ve blown the doors off it in '23,” Rapino continued. “This industry, in the coming years, will have an incredible growth run. We’re heading to a very strong '24 and '25.”

Growth, both men said, comes from acquisitions, building new venues, sponsorships and increasing the per-fan spend.

Rapino also predicted that the company's expansion into Mexico and South America will create previously unavailable sponsorship opportunities for global companies. In Q2, the Sponsorship unit pulled in $303m, a 15% spike over 2022 Q2.

The quarter was particularly strong for Live Nation’s stock price, which rose from a $69.31 close on 4/3 to $91.11 on 6/30. The stock, which is up 41% this year, closed at $96.93 Thursday (July 27).