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Live Nation’s revenue has jumped 27% to reach $5.6bn (£4.4bn/€5bn) in the second quarter of 2023, the live entertainment company has revealed.
The figure is an increase on the $4.4bn posted in Q2 in 2022.
Live Nation’s operating income also increased by 21% to $368m and its adjusted operating income (AOI) amounted to $590m. It has an operating cash flow of $491m and a free cash flow – adjusted of $407m.
It has also been a record second quarter for concerts, where revenue rose 29% to $4.6bn compared to Q2 last year. A large factor of this is the 28% growth in attendance at concerts globally. Concert’s AOI amounted to $168m.
Eight million fans attended stadium gigs, led by the markets in Europe and Asia Pacific. Arena concerts attracted a 19% increase in attendance, with 10.7 million fans largely from Canada, Asia Pacific and Latin America.
Festival attendance was up 14% compared to last year’s second quarter, with 4.5 million fans across all markets.
Live Nation also noted year-to-date overall fan growth of 25% with international markets up 46% and North America up 8%.
Across ticketing, over 117 million tickets have been sold year-to-date for Live Nation shows – an increase of 20% year-over-year. Live Nation also expects record sales for Ticketmaster in 2023, with 151 million reported fee-bearing tickets sold so far, up 22% on last year. Ticketmaster is reportedly on track to manage 600 million tickets, including selling 300 million fee-bearing tickets in 2023.
Ticketmaster’s revenue increased 23% to $709 million compared to the second quarter of 2022, and its AOI amounted to $293m. The ticketing platform’s gross transaction value (GTV) was up 25% to $8.7bn and it also reported that the average secondary ticket price was roughly double the amount of primary.
Its sponsorship and advertising revenue amounted to $302m compared to $264m in Q2 the year prior.
A particular focus for Live Nation is the growth of its venue portfolio, Venue Nation.
The live entertainment company expects double-digit fan count growth at its operated venues in 2023, compared to 50 million fans last year. It also reported that ancillary per fan revenue at amphitheaters had increased to over $40. Venue Nation operates 400 venues and festivals globally, and is aiming to target developments in Asia including South Korea and Singapore, as well as Latin America and Europe.
Live Nation Entertainment president and chief executive Michael Rapino said: “Live music is bigger than ever, with global demand driving the industry to record levels.
“There’s a more diverse pipeline of artists breaking from all corners of the world, and at the same time tours are going to more markets – particularly in Latin America and Asia. This was our strongest second quarter ever, with 2023 on pace to be a record year, and early indicators for 2024 giving us confidence in continued growth.”
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