Live Nation has announced financial results for its second quarter that show revenue up 29% year-on-year to $2.8 billion (£2.2 billion).
The figures for the period ending June 30 also reveal that operating income was up 53% to $113 million (£87 million) compared to the same three months in 2016. Adjusted operating income (AOI) increased 22% to $221m (£170.2m).
Live Nation said concert ticket sales in 2017 (up to July) are above 68 million, which means the company is 12 million tickets ahead of sales at the same point in 2016. More than 7,000 shows were promoted in the quarter for an attendance of 24 million, an increase of 5.5 million on the previous year. The concert business grew its revenue by 34% to $2.24 billion (£1.73 billion) in the quarter, operating income increased to $38m (£29.3m) and AOI grew by 51% to $88m (£67.8m).
Ticketmaster's revenue for the quarter was up 9% to $484.6m (£373.3m). For the first six months, revenue increased by 15%, operating income was up 20%, and AOI was up 13%.
President and CEO Michael Rapino said he anticipated another of year growth and “record results” for the company. “Our key indicators for our business – concert tickets sold for shows this year, contracted sponsorship, and fee-bearing ticketing GTV – are all pacing double digits ahead of last year and as a result we expect each of our businesses to deliver record revenue, operating income and AOI this year,” he added.
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