Live Nation saw its most profitable second quarter ever with a record $3.2 billion in revenue, according to the promoter’s most recent financial report. Overall revenue for the industry giant jumped 10% from this time last year with all of its businesses delivering double-digit operating income and adjusted operating income (AOI) growth through June 30, 2019.
Through mid-July Live Nation’s concert division has sold more than 73 million tickets for shows this year, up 6% or approximately 4.5 million tickets from the same point last year. The company expects to have nearly 100 million fans attend approximately 38,000 concerts this year.
In the second quarter, Live Nation had 27 million fans attend 10,000 shows, up 7% and 9%, respectively, from last year, for its largest second quarter ever. As a result, Q2 for the division grew operating income by 45%, AOI by 33% and revenue by 11% for $2.6 billion in revenue.
A release from the promoter attributes some of its growth to smaller club and theater shows stating, “the ticket revenue from concerts outside our top 100 artists is up 32% so far this year, demonstrating that the demand for live music is strong and growing from the largest stadiums to the local clubs.”
“Globally, we continue to work with artists to enable them to capture the value from their shows — through optimized pricing and Ticketmaster tools such as Platinum, we have delivered over $500 million in incremental value to artists since the start of 2018,” the release continued. “Through this, we have seen no reduction in demand, with global sell-through rates across our stadiums, arenas and amphitheaters as strong as last year.”
Live Nation’s ticketing platform Ticketmaster also saw record growth in the second quarter of 2019. Ticketmaster’s operating income was up 31%, AOI was up 20% and revenue was up 6% for the quarter for nearly $371 million in revenue.
With the addition of Evenko in Canada, Chase Center in the U.S. and the O2 in Prague to its roster of more than 150 clients worldwide, Ticketmaster reached a fee-bearing gross transaction value growth of 13% for the quarter.
In the second quarter, Live Nation also brought in new sponsors including Adobe, Hyundai and Google for an 8% growth in revenue for roughly $151 million from sponsorship deals.
“Each of our businesses is contributing to this success, starting with concerts as we put on more shows for more fans, then continuing to monetize fans at the concert, sell more tickets to events of all types, and further deliver value to our sponsors from our platform of nearly 100 million fans,” said Live Nation president and CEO Michael Rapino in the release.