Live Nation reported its strongest second quarter ever, as concert demand continues to propel its results.
The company, which also owns Ticketmaster, reported revenue of $5.6 billion for its second quarter, up 27 percent from the $4.4 billion reported a year ago. Operating income reached $386.4 million, up from $319 million a year ago, while earnings per share came in at $1.02, above Wall Street expectations.
Attendance at stadiums was up 28 percent from a year ago, reaching 8 million fans, while arena attendance was up 19 percent, reaching 10.7 million fans. Revenue at Ticketmaster was up 23 percent, reaching $709 million, compared to $575.3 million in Q2 of 2022.
The company reported more than 117 million tickets sold for Live Nation shows so far this year, which is up 20 percent year-over-year.
“Live music is bigger than ever, with global demand driving the industry to record levels. 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,” said Michael Rapino, president and CEO, Live Nation Entertainment.
Still, Live Nation has been under scrutiny since its sale of tickets for the Taylor Swift’s Eras tour in the U.S. in the fall. Consumers spoke out about encountering errors and long wait times while trying to buy tickets and lawmakers held a congressional hearing (which focused on whether the Live Nation/Ticketmaster combination constituted a monopoly). Live Nation is also facing an investigation by the Department of Justice.
Though the company fixed some of those consumer-facing issues during the later sale of tickets for the Beyoncé tour, issues resurfaced earlier this month with the sale of tickets to the Taylor Swift tour in Europe.
Meanwhile, Live Nation has been moving forward with its own reforms. The company was one of several private sector companies that joined President Biden at the White House in June and pledged to show all-in pricing for ticket buyers to attend shows at Live Nation-owned venues and festivals. The company will also give customers the option to receive all-in upfront pricing for other tickets sold on Ticketmaster.
This came after the company joined an industry coalition, FAIR Ticketing Reforms, which had called for all-in pricing, as well as making the selling of speculative tickets illegal, letting artists determine resale rules and enforcing the 2016 BOTS Act.
More to come.
