Live Nation continues on pace to another record year in 2019, with the third quarter financial reports revealing year-to-date revenue up 6% and adjusted operating income up 13% to $862 million, surpassing 2018’s full-year results.
The company released its reports after market close October 31, for the quarter ended Sept. 30 – traditionally the best-performing of the year given the cyclical nature of the business and inclusion of summer box office income.
The company posted a profit of 71 cents per share on the quarter, falling short of Wall Street expectations of 79 cents per share on average.
Live Nation reports nearly 100 million fans are expected to spin turnstyles by year-end, with 92 million tickets already sold through mid-October – some 5 million more than the same YTD in 2018. Revenue per fan grew by $2.50 in the sheds to more than $29 per head. 11% from the company’s previous record.
Portfolio grew this year, too, with Live Nation reporting 36 new venues including Brooklyn Bowls in New York City and Las Vegas, and the addition of Sporpaleis in Belgium. In total, more than 1,500 stadium, arena and amphitheater shows have already been booked in 2020, up double digits from this point last year.
Festival sponsorship is up 31% YTD, with the first weekend of Rock in Rio helping to drive the numbers, even as on-site sponsorships continue to rise and strategic sponsor growth is up 15% YTD.
Live Nation continues rolling out its Presence digital ticketing system, which is expected to be installed at more than 700 venues by the end of the year and representing some 120 million tickets.
“As a result, we are confident in the success of our Concerts flywheel for 2019, where we will promote more shows, reach more fans, price more effectively and provide a better fan experience at our venues, which we expect will then drive double-digit operating income and AOI growth for the business this year,” Live Nation President/CEO Michael Rapino said in a statement.
Rapino projects more of the same for 2020.
“As we look forward, we continue seeing tremendous opportunity to expand our global concerts and festivals business, driving further growth in on-site execution, sponsorship and ticketing,” he added.