Live Nation has seen its “best quarter ever” across all of its divisions in Q3, including concerts, sponsorship, and ticketing.
The live entertainment giant’s revenue has increased 11 per cent for the quarter to $3.8bn. For the quarter ended September 30, operating income was up 16 per cent and AOI was up 16 per cent.
Live Nation’s concert businesses drew more than 33 million fans globally, up 12 per cent year-over-year, according to the report. The firm has sold 85 million tickets for concerts in 2018, up six per cent year-on-year, and is on track to sell over 90 million tickets this year.
Live Nation-owned Ticketmaster has continued growing with 15 per cent growth year-to-date through September, driving revenue growth of 13 per cent, operating income growth of seven per cent and AOI growth of 11 per cent.
Ticketmaster will deliver almost 500 million tickets worth approximately $31bn across 28 countries for the full year, making it the world’s largest such marketplace.
Across the company’s arenas and amphitheatres, the average ticket pricing is up 14 per cent, driven by front-of-house pricing which is up 25 per cent. Collectively, these increases have grown artist earnings by over $300m across roughly 6,000 shows.
Live Nation president and chief executive Michael Rapino said: “As we approach the end of 2018, we are confident that our strong performance will deliver another record year of results.
“All of our businesses — concerts, sponsorship and ticketing — have delivered growth year-to-date through September, and based on their key operating metrics, we expect each to deliver record revenue, operating income, and AOI for the full year. As we look forward, we see tremendous opportunities to continue the global expansion of our concerts and ticketing businesses, and for further growth in sponsorship and ticketing from the concerts flywheel.”
Image: Live Nation