Live Nation has seen ticket revenue rise five per cent year-on-year in the third quarter of 2019, with more than 92 million concert ticket sold so far this year, up six per cent or five million tickets compared to this time last year.
The entertainment giant’s ticketing arm, Ticketmaster, generated its highest AOI quarter ever, up 20 per cent from last year, with its operating income up by 30 per cent.
In the third quarter, Ticketmaster brought in $388.5m in revenue for its parent company, Live Nation up from 2018 when it brought in $368.3m
The company projects it will sell nearly 100 million tickets to fans attending its shows by the end of 2019. However, the report shows that concert revenue is down by four per cent from Q3 2018 to $3.2bn.
“Our international business has been particularly robust this year, delivering much of our fan growth with a strong year for stadiums and theatres, while in the United States our arena and theatre activity was also up,” said Live Nation president and chief executive Michael Rapino in the report.
“As we have grown our show volume and the breadth of artists with which we work, we have also been more effective in pricing tickets closer to market value, particularly with our platinum pricing tool. So far this year we have had over 3,000 arena and amphitheatre shows use platinum tickets, with a 54 per cent increase in the number of platinum tickets sold per show.”
Live Nation pins its concert division rise on boosting its hospitality and increasing the availability of VIP options.
Overall, the entertainment giant saw its earnings increase by 3.6 per cent to $178.9m from $172.68m in 2018. However, Live Nation missed expectations on revenue, after bringing in $3.77bn in Q3 of 2019, compared with $3.84bn a year previous.
Image: Live Nation
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