For the eighth consecutive year, Live Nation Entertainment (LNE) reports record-breaking results, with revenue, operating income, and adjusted operating income (AOI) up 13 per cent – all three up again in 2018.
Concert revenue was up 11 per cent to $10.8 billion from $9.7bn in 2017, operating income was up 61 per cent and AOI up 22 per cent to $829m.
Concert attendance was up eight per cent to 93m and delivered double-digit growth in arenas, amphitheatres, theatres and clubs, adding nearly seven million fans globally, says the company.
LNE spent $6bn in promoting 35,000 shows in 40 countries. There were 29,766 concerts and 92.8m attendances in 2018, compared with 86.2m fans in 2017.
Average ticket prices in amphitheatres and arenas increased per show by 13 per cent, with event-goers spent an average of an additional $27 in amphitheatres, up $3 from $24 the previous fiscal year.
LNE subsidiary Ticketmaster had a 14 per cent increase in revenue from primary and secondary ticketing to $1.530bn from $1.347bn in 2017.
Sponsorship and advertising revenue grew 13 per cent with 75 sponsors collectively spending over $350m, up 11 per cent over 2017.
“In 2018, we furthered our international expansion, establishing ticketing operations in Italy, growing our German operations and laying the groundwork for expansion into Latin America,” says LNE president and CEO Michael Rapino.
Long-term LNE debt increased to $2.733bn, up from $1.952bn in 2017 while short-term debt decreased to $82.142m from $347.593m in 2017.