LOS ANGELES (CelebrityAccess) — Live Nation reported fiscal second-quarter results that showcased the resilience of the company’s concert business amid a challenging economy.
Revenue exceeded $6 billion in the quarter, up 7% from the previous year, with concerts being the main driver of those results, according to Live Nation. In the second quarter, Live Nation’s concert business accounted for 82.8% of all revenue, slightly higher than the 82.3% in the same period of fiscal 2023.
Operating income this quarter increased by 21% to US$466 million, and adjusted operating income grew to US$716 million, an increase of 21% from the second quarter of 2023.
In 2024, Live Nation’s venues division, Venue Nation, reported 24 million fans, a 10% increase so far this year, while on-site consumer revenue at festivals and amphitheaters grew by double digits, the company said.
In terms of ticketing, revenue increased 12.1% to US$730.6 million, while adjusted operating income fell slightly from the same period last year to US$292.5 million.
Despite reduced stadium activity, 183 million paid tickets have been sold this year, a 3% increase from 2023, according to Live Nation.
Revenue from sponsorships and advertising grew 5.2% this quarter to $302.8 million, and is up 28% year-to-date.
Despite the company’s strong second-quarter results, Live Nation warned it was facing some headwinds, including an additional $94 million in costs related to the Astroworld lawsuit, which has topped $280 million this year.
Additionally, Live Nation expects foreign currency exchange rates to have a greater impact on its net income for the remainder of 2024.
“We continue to see strong global demand, with more and more shows attracting both casual and die-hard fans who purchase tickets at a variety of price points, illustrating the unique experience that only live concerts can provide. As more and more shows Attendees are maximizing the on-site experience and Venue Nation’s strategic investments in hospitality and infrastructure are delivering strong returns. While operating income will be negatively impacted by one-time accruals, we expect to achieve two during the year. Digital AOI growth and looking forward to a very busy 2025.
