Live Nation Q3 Revenues Top $7.6B, Down Against 2023

Live Nation reported revenue of more than $7.6 billion today, down 6% against the same period last year.

The bulk of the entertainment giant’s revenues came, as usual, from its concerts sector, which took in $6.6 billion, also down 6% from Q3 2023. Ticketing took a deeper hit — 17% — year-over-year. Sponsorship and advertising was up 6%.

On the bottom line, Live Nation reported operating income of nearly $640 million, off 2% from 2023. Earnings per share is $1.72.

Revenues were a slight miss, with analysts’ consensus at $7.81 billion. Earnings were a beat, with analysts expecting $1.65 per share.

Despite the mixed bag, Live Nation was bullish, as the concerts sector hit record profitability, driven by increased show count — up 13% — with double-digit year-over-year increases in theaters and clubs.

In the first nine months of 2024, fan count — 112 million — is up 13% against the first nine months of 2023, this despite a 30% decrease in stadium attendance, with strong growth in smaller venues off-setting the loss.

“We wrapped up our most active summer concert season ever, our show pipeline has never been bigger, and brand sponsorships are accelerating. While operating income will be impacted by one-time accruals, we are pacing toward double-digit AOI growth this year.” Live Nation president and CEO Michael Rapino said in a statement. “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.”

The Ticketmaster sector reported 238 million fee-bearing tickets sold in the first nine months of the year, an 8% compound annual growth rate since 2019.

Live Nation anticipates its Venue Nation venues will host 60 million consumers this year, 8% more than 2023. Average net per fan spending grew by more than $3 per fan, up 9%, for the same artists’ shows in 2024 relative to 2022 and 2023 touring cycles. VIP and premium spending at large festivals — those with more than 100,000 attendance — was up more than 20%. VIP at amps was up 19%.

Looking forward, bookings in stadiums, arenas and sheds are up double digits, with stadium bookings outpacing 2022 by double-digits. More than 20 million tickets have been sold for 2025 at Live Nation concerts, also a double-digit increase.