Live Nation shares surge as concerts drive profits

Live Nation Entertainment shares hit a record high after the entertainment giant outperformed analysts' predictions in the third quarter.

Live Nation’s third quarter revenue saw a dip compared to last year, partly driven by a more than 30% decline in stadium attendance. However, arena and amphitheatre shows helped to offset this drop somewhat with 112 million fans attending Live Nation concerts globally.

Revenue reached $7.7bn (£6bn/€7.2bn) in the third quarter, a drop from last year’s record-breaking $8.2bn during the same period. Concerts alone brought in $6.6bn of this quarter’s revenue.

During the earnings call, Live Nation President Joe Berchtold said the group is “hopeful” that Donald Trump’s impending second US presidential administration will mark “a return to the more traditional antitrust approach, where the agencies have generally tried to find ways to solve problems with targeted remedies that minimise government intervention in the marketplace.” Berchtold was referring to the ongoing Department of Justice antitrust suit against Live Nation, which seeks to split the company off from concurrently owned Ticketmaster.

Concert profitability

Operating income amounted to $630m while adjusted income reached $910m. This year’s third quarter saw the highest ever concert profitability with adjusted operating income of $474m, up 39%. Additionally, a growing concerts pipeline across large venues such as stadiums, arenas, and amphitheatres, was up double-digits compared to this point in 2023.

Live Nation reported profit per share of $1.66, beating analysts’ average estimate of $1.59, according to data compiled by LSEG. The group’s share price was up 5% soon after the results were released, hitting a record $133.40.

More than 20 million tickets have already been sold for Live Nation concerts in 2025, and recent 2025 stadium onsales for shows from the likes of Coldplay and Shakira have delivered double-digit average growth relative to past tours.

Some 144 million tickets have been sold for 2024 Live Nation concerts through October, an increase of 3%. October’s transacted ticket sales for Ticketmaster were up 15% on all ticket volume and 23% for concert events, including Live Nation shows.

Ticketmaster revenue drops

Ticketmaster’s revenue amounted to $694m, which was down 16.7% year-over-year. Adjusted operating income of $236m was down 25.3%, although Live Nation said full-year margin is expected to be similar to last year .

The sponsorship side of things brought in $390m, an increase of 6%, while adjusted operating income totalled $275m, up 10%.

Venue Nation expects to host roughly 60 million fans this year, up 8% in 2023. Live Nation’s focus on venues will also see approximately $700m spent on expansion efforts and a recent addition of an amphitheatre project.

“We wrapped up our most active summer concert season ever, our show pipeline has never been bigger, and brand sponsorships are accelerating,” commented Michael Rapino, president and chief executive of Live Nation Entertainment.

“While operating income will be impacted by one-time accruals, we are pacing toward double-digit AOI growth this year. As we look toward an even bigger 2025, we have a larger lineup of stadium, arena and amphitheater shows for fans to enjoy.

“Momentum continues to build, as we expand the industry’s infrastructure with music-focused venues to support artists and reach untapped fan demand across the globe.”