LIVE NATION Entertainment (LNE) reported a strong fourth quarter (Q4) and 2019 year-end earnings, although long- and short-term debt rose by around $500 million overall.
Revenue in Q4 increased by 11 per cent to $2.9 billion, AOI was up 18 per cent at $81m, driven by increased sponsorship, improved income from its resale activities in the US and lower operating cost in ticketing, says the company.
Operating loss for the quarter was $83m, compared to $90m in 2018, while ticketing revenue increased two per cent to $448.3m. Subsidiary Ticketmaster (TM) delivered 115m tickets internationally.
Full-year revenue was $11.5bn, a seven per cent increase over 2018. Attendance at events was up eight per cent in North America and up 11 per cent internationally.
Sponsorship revenue grew by 17 per cent with brands collectively spending around $400m.
During the year, LNE boosted its portfolio with 38 new venues, 18 theatres and clubs, and six festivals.
Concert attendance was up five million people to 98 million globally, with LNE spending $6bn to promote 40,000 shows in 42 countries.
Long-term company debt at the end of 2019 rose to $3.271bn compared with $2.732bn at the end of 2018. Short-term debt fell to $37.795m from $82.141m in 2018.