In what Live Nation Entertainment (LNE) president and CEO Michael Rapino called “the best quarter in history”, the company’s revenue was up 12 per cent to $3.56 billion.
Third quarter (Q3) adjusted operating income (AOI) was up 10 per cent to $335 million and operating income was up five per cent to $201m. Q3 earnings were $136.5m, compared with $111.03m in the same period last year.
Concert revenue was up 11 per cent to $2.939bn, as a result of a 10 per cent increase in the number of concerts across arenas, stadiums and theatres and clubs and nearly 30 million show attendances. There were 5,275 North American concerts during Q3, compared to 4,950 in Q3 2016, and 1,483 international concerts compared to 1,207 last year.
Ticketing revenue was up 17 per cent to $532.3m, and globally there were 6,758 events and 115.5 million tickets sold, compared to 6,157 events and 114 million tickets sold in Q3 2016.
Sponsorship and advertising revenue grew by 16 per cent to $158m.
“All of our businesses — concerts, advertising and ticketing — have delivered growth for the nine months, and based on their key operating metrics, we currently expect each to deliver record revenue, operating income and AOI for the full year,” says LNE president and CEO Michael Rapino.
“As we look forward, we see tremendous opportunities to continue global consolidation of our concerts and ticketing businesses, and for further growth in advertising and ticketing from the concerts flywheel.”
Long-term debt is $2.24bn compared to $2.26bn during the Q3 2016, while short-term debt rose to $71.67m from $53.32m in Q3 last year.