Live Nation Entertainment (LNE) said investment in new products and mobile expansion was key to Ticketmaster generating year-on-year revenue growth of 14 per cent in the first nine months of the year.
In the events company’s financial report for Q3, it was announced that subsidiary Ticketmaster – the world’s largest ticket marketplace – accrued $19bn (£15.5bn/€17bn) in global gross transaction value (GTV) during the year to September 30.
LNE anticipates that its ticket arm, which operates in 28 countries, will record GTV of $27bn by the end of the year.
Ticketmaster saw a 12-per-cent increase in ticketing revenue through the third quarter, a 13-per-cent spike in operating income, and a nine-per-cent rise in adjusted operating income (AOI).
Ticketmaster app installs for the nine-month period were up 44 per cent to nearly 30 million, while mobile ticket sales were up 38 per cent to now account for 27 per cent of all ticket purchases.
A company spokesperson said: “Our success in ticketing comes from our ongoing investment in new products, which then supports increased conversion and continued client growth. This in turn reinforces Ticketmaster as the most effective partner for content to sell tickets to their events.”
Ticketmaster added 170 clients to its base of over 12,000 during the three months.
The company added: “Going forward, we see attractive growth potential in ticketing, as we continue creating targeted products to deliver on the needs of all fans, increasing conversion at our sites and expanding our reach with APIs into third-party distribution platforms.”
The group’s concert and events section said its third-quarter revenue was up 21 per cent to $3.2bn, $400m better than analysts expected. Live Nation’s average ticket price is up seven per cent, and it expects to have a record 70 million fans attend its concerts in 2016.
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