LIVE NATION Entertainment (LNE) delivered its highest operating income and adjusted operating income (AOI) quarter ever, according to the company’s accounts for the three months ending 30 September (Q3).
Revenue was up six per cent to $8.7 billion, operating income grew 11 per cent to $408 million, compared to Q3 last year, and 12 per cent for the year to date. AOI also grew 11 per cent in Q3 and 13 per cent year to date, outperforming a record Q3 in 2018.
LNE reports 73m concert attendances across more than 26,000 concerts, delivering $113m in operating income, up 14 per cent, and $333m in AOI, up 17 per cent on the same quarter last year.
The company had over 3,000 arena and amphitheater events use its Platinum priced tickets, standard tickets in good locations sold at premium prices, with a 54 per increase in the number sold per show.
In LNE amphitheatres, food and beverage revenue increased by an average $2.50 per attendee, to over $29, with increased spending also reported across festivals, theatre and clubs.
Its Ticketmaster (TM) subsidiary grew operating income by 30 per cent and generated its highest AOI quarter ever, up 20 per cent from the same period last year.
“We are confident that our strong performance will deliver another record year with growth in revenue, operating income and AOI,” says LNE president and CEO Michael Rapino.
“With an early look to next year, our 2020 pipeline is up substantially, with over 1,500 stadium, arena and amphitheater shows booked already, up double digits from this same point last year.”
LNE’s long-term debt is $2,694bn, down from $2.7bn in Q2, and short-term debt is $64,276m, up from Q2’s $55.4m.