‘No Signs Of Concert Slowdown’: Live Nation’s $6B Q2 Revenues Point To Another Record Year

Live Nation Entertainment’s second quarter revenues passed $6 billion, up over the same period in 2023, with double-digit increases in arenas and amphitheaters off-setting reduced stadium traffic.

Q2’s $6.023 billion in revenues were consistent with analyst expectations. The consensus was pegged at $6.02 billion.

On the bottom line, Live Nation reported operating income of nearly $466 million, up 21% from the second quarter of 2023. Earnings per share comes in at $1.03; that’s a slight miss with the analysts’ consensus at $1.07.

A $94 million loss related to settlements from Astroworld festival litigation was booked in Q2.

“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’s strategic investments in hospitality and infrastructure are driving strong returns as more attendees maximize 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,” Michael Rapino, president and CEO, said in the earnings release, issued after market close July 30.

LN reported year-over-year growth in all sectors of the business. Concert revenues were up 8% over the same period last year to $4.987 billion. The company said 39 million people attended 15,000 concerts globally, up 5% and 20%, respectively over Q2 2023, with a stadium slowdown more than off-set by double-digit growth in arena shows and amphitheater attendance up a remarkable 40% year-over-year. Theaters and club are up 15%.

On the venue side, on-site spending at LN owned-and-operated amps are up $2 per fan. At the company’s refurbished amps, that increase jumps to $10 per fan. Per-fan spending at the company’s major festivals was also up double digits.

Ticketmaster’s revenue increased 3% against the same period in 2023 with 78 million fee-bearing tickets sold, consistent with last year. International markets are excelling: ticket sales are up 15% in Mexico and the company sold more than 1 million tickets in Brazil and Peru. The company is also bullish on an expansion into South Africa.

Live Nation also remains optimistic about its sponsorship business; all spots are booked for 2024.

The company expects to 2024 to be another record year when its all said and done. Even the shallower pipeline of stadium, total ticket sales are pacing 3% ahead of last year. Confirmed shows are up double digits in large venues and cancellations are down.

The company also boasted of a refreshed artist pipeline — new artist tours are up 130 percent — and an increasingly international portfolio, with international artists in the top 50 tours drawing 50% more fans than in the last pre-pandemic year of 2019.