With another quarter of double-digit increases across all sectors of its business, Live Nation Entertainment (NYSE: LYV) reported a near-record $5.6 billion in revenue for the second quarter of 2023, according to its quarterly earnings statement, issued after market close Thursday. That’s the company’s second best number ever, trailing only last year’s third quarter, which clocked nearly $6.2 billion.
Q2 represented yet another beat for LYV, with the analysts’ consensus pegged at $4.95 billion.
On the bottom line, LYV reported operating income of $386.4 million, up 20 percent against the same quarter in 2022. Earnings per share comes in at $1.02; the analysts’ consensus was $0.70.
“Live music is bigger than ever, with global demand driving the industry to record levels. There’s a more diverse pipeline of artists breaking from all corners of the world, and at the same time tours are going to more markets – particularly in Latin America and Asia,” Michael Rapino, LN’s president and CEO, said. “This was our strongest second quarter ever, with 2023 on pace to be a record year, and early indicators for 2024 giving us confidence in continued growth.”
Concert revenue was nearly $4.6 billion, an 29 percent increase year-over-year, with double digit growth in stadiums, arenas and festivals. Much of the growth was driven by overseas markets. With big gains in stadiums in Europe and Asia and arena gains in Canada, Latin America and Asia-Pacific.
Attendance overall is up 25 percent. With only 8 percent growth in North America, the big gain was attributable to the 46 percent attendance bump from overseas.
Sponsorship was up 15 percent against the same quarter last year to $303 million.
Ticketing revenues are up 23 percent to $709 million with $8.7 billion in fee-bearing gross transaction value, up 25 percent against last year. The company against pointed to global markets, attributing 80 percent of GTV growth to non-North American markets.
At Live Nation operated venues, per-cap spending is up as well, passing $40 at LN-operated sheds.
Early returns indicate growth will continue into Q3 — historically the company’s strongest — and beyond. LN said it has $4.3 billion in event-related deferred revenue and a 2024 pipeline running ahead of 2023 for arenas, stadiums and amphitheaters.