Entertainment giant Live Nation saw concerts deliver record profitability in a strong second quarter of 2024.
Revenue was up 7% year-on-year to over $6.0bn during the three months to June 31, 2024, according to results released by Live Nation.
Concert revenue – the largest segment – grew by 8% to $5.0bn. Some 39 million fans attended approximately 15,000 Live Nation concerts globally, up 5% and 20% respectively. Arena attendance was up by double-digits globally, led by the US and Latin America. Amphitheatre and theatre/club attendance was up approximately 40% and 15% respectively.
Live Nation’s total estimated events grew from 12, 241 last year to 14,678, with rises in both North America and International. Some 38.9m fans attended events, up compared to 37.0m in 2023.
Ticketing boosted by new markets
Ticketmaster, Live Nation’s ticketing business, saw revenue grow by 3% compared to Q2 2023. Revenue of $730.7m came as year-to-date ticket sales for 2024 Live Nation concerts hit 118 million.
The total number of tickets sold during the period was 154 million compared to 150 million last year. Live Nation said International markets remain a key driver of growth. It pointed to a 15% rise in ticket sales in Mexico for the year-to-date and over one million tickets sold in newly launched markets Brazil and Peru.
Live Nation said Q2 was among its top five quarters for both transacted and reported ticket sales. Approximately 78 million fee-bearing tickets were sold, consistent with last year.
Adjusted operating income (AOI) for its Concerts division was up 61% to $270.7m, with Ticketing flat at $292.5m. Concerts AOI margin was 5.4%, setting up for margin expansion in 2024 toward pre-pandemic levels. Total operating income of $716.2m for the quarter was up 21%.
Rapino hails variety of Live Nation offering
Michael Rapino, Live Nation’s president and chief executive, said: “We continue to see strong demand globally, with a growing variety of shows attracting both casual and diehard fans who are buying tickets at all price points, which speaks to the unique experience only live concerts can provide.”
Venue Nation, Live Nation’s venue division, is expected to host over 60 million fans this year, which is up more than 10%. Live Nation amphitheatre average per fan spending is on track to grow by approximately $2 per fan.
Rapino added: “Venue Nation’s strategic investments in hospitality and infrastructure are driving strong returns as more attendees maximise their onsite experiences.
“While operating income will be impacted negatively by one-time accruals, we are on track to deliver double-digit AOI growth for the year and look forward to a very busy 2025.”
Earlier this month, Live Nation accused the US Department of Justice (DOJ) of attempting to decree who it should do business with, in a preview of its anti-trust case defence.
The Justice Department, along with 30 state and district attorneys general, filed a civil antitrust lawsuit against Live Nation and Ticketmaster for monopolisation and other unlawful conduct that thwarts competition in markets across the live entertainment industry.
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