The Beverly Hills-headquartered group enjoyed a strong second quarter, with operating income surging 53% to US$113.4mln (Q2 2016: US$74.1mln) on increased revenues of US$2.25bn (Q” 2016: US$1.68bn).
Concerts, advertising and Ticketmaster all perform well
Live Nation said the better-than-expected performance was down to strong growth across its three core divisions; concerts, sponsorship and advertising and its Ticketmaster business.
Its concerts division delivered record attendance of 24mln fans in the three months ended June 30, up 5.5mln on the same period last year, while ancillary spend is also on the rise.
Chief executive Michael Raino expects to welcome a total of 80mln fans to its shows this year given the pipeline of events.
The group said it also delivered “strong growth” in its high-margin sponsorship and advertising business and Live Nation now has more than 50 partners that each spend more than US$1mln with it each year.
Its other core division, Ticketmaster, saw gross transaction value (GTV) rise by 13% in the period while the number of events listed also jumped by more than a third.
‘All set for record year’
“2017 is on track to be another year of growth and record results for the company,” said Raino.
“Our key indicators for our businesses — concert tickets sold for shows this year, contracted sponsorship, and fee-bearing ticketing GTV — are all pacing double digits ahead of last year and as a result we expect each of our businesses to deliver record revenue, operating income and AOI this year.”
Shares added 9.7% to US$41.15.