Live Nation Entertainment (LNE) reported a strong second quarter (Q2) ending 30 June, with revenue up 10 per cent to $3.2 billion, operating income up 27 per cent to $172 million and adjusted operating income (AOI) up 23 per cent to $319m.
All segments contributed to the increase in revenue with concerts up 11 per cent or $259m, driven primarily by international arena and stadium shows, along with theatre and festival events.
Concerts had its largest second quarter this far, with 27 million attendances across 10,000 shows, up seven per cent and nine per cent, respectively.
Q2 sponsorship AOI was up 12 per cent and revenue was up eight per cent, as a result of increased activity by sponsors such as Adobe, Hyundai and Google.
Ticketmaster (TM) AOI for the quarter was up 20 per cent and revenue up six per cent, with mobile ticket buying up 22 per cent. The latter now accounts for 45 per cent of global ticket sales per year to date.
“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,” says LNE president/CEO Michael Rapino.
LNE long-term debt is slightly down at $2.7bn compared to the previous quarter at $2.8bn; while short-term debt is significantly down at $55.4m, compared to Q1’s $80.8m.