Live Nation has seen ticket revenue rise 16 per cent for the first half of 2019, with more than 73 million tickets sold so far this year.
The entertainment giant reported selling 27 million tickets to 10,000 shows in its second quarter 2019 financial results, which is up seven and nine per cent, respectively.
Ticketmaster’s fee-bearing gross transaction value (GTV) saw growth of 13 per cent at constant currency in the quarter, making it the Live Nation-owned ticketing firm’s highest second quarter GTV ever. As a result, Ticketmaster’s operating income was up 31 per cent, AOI was up 20 per cent and revenue was up six per cent for the quarter.
Michael Rapino, president and chief executive of Live Nation, said: “We continue to benefit from a strong tailwind in the live event, experience-based economy of today. The global ticket revenue from our concerts is up 16% for the first half of the year, as we continue to see a strong supply of artists touring matched with global consumer demand.
“And within this, the ticket revenue from concerts outside our top 100 artists is up 32% so far this year, demonstrating that the demand for live music is strong and growing from the largest stadiums to the local clubs.
“We have created the most scalable and unparalleled business model in the industry, building a platform that brings over 570 million fans in 45 countries to live events each year. With our key metrics in concerts, sponsorship and ticketing all pacing well ahead of last year, we are confident that in 2019 the company will again deliver double-digit operating income and AOI growth.”
The entertainment giant added that its optimised pricing tools, such as platinum, have delivered more than $500m in incremental value to artists since the start of 2018.
Live Nation reported overall revenues are up 10 per cent for the quarter, year-on-year to $3.2bn, with operating income up 27 per cent to $172m.
Image: Live Nation