Live Nation Entertainment has posted its most successful quarter ever, with revenue up 32% to $8.2bn (£7bn/€8bn).
The third quarter’s $8.2bn is an increase on last year’s $6.2bn, while the nine months ending in September saw revenue total $17bn compared to $12bn, the year prior.
Live Nation Concerts also witnessed a record Q3 compared to the same quarter the year prior, with revenue up 32% to $7bn. Ticketmaster’s revenue has increased 57% to $833m, with 17 million net new client tickets added year-to-date, with half coming from international markets. Live Nation Sponsorship posted a revenue of $367m, and increase of 7%.
“We delivered our strongest quarter ever and are on pace for a record 2023, driven in good part by the acceleration of structural growth in the live entertainment industry,” said Michael Rapino, president and chief executive of Live Nation Entertainment.
“While we have benefitted from tailwinds for many years, it has accelerated due to the globalisation of our business along with a fundamental shift in consumer spending habits toward experiences. With the majority of opportunity still untapped from Milan to Bogotá to Tokyo and beyond, we expect the industry will continue growing in 2024 and for years to come.”
Some 140 million tickets have been sold so far this year for Live Nation shows, up 17% and already surpassing 2022’s full year total of 121 million. Ticketmaster has sold 257 million fee-bearing tickets, and is expecting to manage over 600 million tickets in total across 2023.
Operating income has increased to $619m in Q3, and up 35% to $1.1bn year-to-date. Adjusted operating income (AOI) amounted to $836m compared to $621m in the same quarter the year prior. To date, AOI has increased 33%to $1.7bn.
Overall fan growth is up 21%, with international markets have witnessed a 34% and North America up 13%. Venue Nation is expecting to host 55 million fans at Live Nation-operated venues in 2023, an increase on last year’s 49 million.
Live Nation’s year will have been boosted by Beyoncé’s Renaissance World Tour this year, which grossed over half a billion dollars, as well as Taylor Swift’s Eras Tour, which expected to become the first billion-dollar stint.