Live Nation Earnings Breakdown: Revenue, Concerts Up (But Not by Much)
Live Nation gained ground in the third quarter covering June to September -- the second full quarter of the pandemic -- its revenue of $184 million was 95.1% below $3.77 billion in the prior year peri…
The summer concert season is normally the concert business’s most lucrative period except when a pandemic has nearly eliminated live music around the world. Although concert promoter Live Nation gained ground in the third quarter covering June to September — the second full quarter of the pandemic — its revenue of $184 million was 95.1% below the $3.77 billion reported in the same period last year.
Drive-in shows and a limited number of concerts with social distancing helped Live Nation improve its total fans 180.2% to 269,000; still, third quarter concerts were 96% below the 8,161 million from a year earlier.
Here’s a breakdown of Live Nation’s third-quarter earnings report:
Revenue: down 95% from $3.77 billion to $184 million year over year; up 148.3% from $74.1 million in the second quarter.
Operating loss: $504 million compared to an operating profit of $260 million in the prior-year period. For concerts and ticketing, operating losses were $281.6 million and $197.4 million, respectively.
Adjusted operating loss: $319.2 million from an adjusted operating profit of $427.1 million in the prior year period. For concerts and ticketing, adjusted operating losses were $173.4 million and $141.9 million, respectively.
Concerts: down 96% to 367 compared to 9,128 in the third quarter of 2019; up 841% from 131 in the second quarter.
Fans: down 99.1% to 269,000 from 31.6 million in the third quarter of 2019; up 449% from 49,000 in the second quarter.
Year to date: January to September
Revenue: down 81.2% from $1.63 billion to $8.66 million year over year.
Operating loss: $1.27 million compared to an operating profit of $407.8 million in the prior-year period.
Concerts: 7,580 compared to 27,587 in the first nine months of 2019.
Fans: 10,724 compared to 73,566 in the first nine months of 2019.