Live Nation Entertainment said Monday that it set a record in 2013 for annual revenue, free cash flow and adjusted operating income due to increase attendance at shows in general and the surging popularity of country music.
In the most recent quarter, Live Nation said revenue grew 12 percent to $1.6 billion with an operating loss of $51 million. For the year, revenue rose 11 percent to $6.5 billion and operating income was $140 million compared with an operating loss of $22 million a year earlier.
Live Nation said its concert attendance grew 19 percent as its concert division was the lead or exclusive promoter of 21 of the 25 top-grossing tours in North America.
"We increased both attendance and attendance per show at every type of venue, from theaters and clubs to amphitheaters to arenas and stadiums, showing the consistent strength of our business," Live Nation said Monday. "We are also seeing this growth across all genres of music, with country music delivering the greatest fan growth, up 2.3 million fans to nearly 7 million, increasing 50 percent from last year."