×
You will be redirected back to your article in seconds

Live Nation Posts Best-Ever Third Quarter

Powered by big summer concert tours from U2, Guns N’ Roses and others, Live Nation posted its best third-quarter numbers to date. “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 [adjusted operating income] for the full year,” said chairman Michael Rapino in a statement.

Looking at financials, its revenue was up 12% to $3.6 billion in the quarter, which ended Sept. 30 and includes a hot summer season. Operating income was up 5% for the quarter to $201 million. For the first nine months of 2017, concerts have brought in $6.07 billion, a 19% jump over 2016 and ticketing is up 16% to $1.52 billion. Adjusted operating income is up 10% for the quarter, to $335 Million

The company has sold more than 80 million concert tickets through October, up 20% year-on-year, at 20,000 shows in 40 countries, with more than 14,000 in North America. Ticketmaster 14% growth for the nine months in global fee-bearing gross transaction value.

Its festival sponsorship revenue shows a 20% bump, with over 8 million fans attending 95 festivals across the globe.

The company’s Ticketmaster division showed 14% growth for the nine months in global fee-bearing gross transaction value, and is projected to deliver nearly 500 million tickets worth approximately $28 billion in 29 countries this year. Its Verified Fan program, designed to battle bots and rolled out in earnest with Bruce Springsteen’s Broadway run and U2’s forthcoming 2018 tour, has seen a 90% reduction in the number of tickets ending up on the secondary market, the company claims.

“As a result,” Michael Rapino said, “by the end of this year I expect we will deliver 3 million tickets to Verified Fans, saving them $100 million dollars relative to buying on secondary sites after bots got the tickets first.”

 

More Biz

  • Paradigm Names Marty Diamond Head of

    Paradigm Names Marty Diamond Head of Global Music

    Paradigm Talent Agency has named Marty Diamond the Head of Global Music, leading the agency’s representation artists worldwide, the company announced today. His personal client roster includes Ed Sheeran, Coldplay, Janelle Monáe, Sigur Rós, Sara Bareilles, Liam Gallagher, Sia, Lorde, Alessia Cara, Bastille, Snow Patrol, Jess Glynne and Vance Joy. Diamond will head Paradigm’s music [...]

  • View Conference Opens Registration for 2019

    2019 View Conference Opens Registration, Calls for Short Film Competition Entries

    Registration is now open for the 2019 edition of the View Conference in Turin, Italy. No speakers have been announced yet, but past conferences have featured some of the world’s top creative talents in visual effects, animation, gaming, virtual reality, augmented reality and mixed reality. Last year’s edition featured composer Hans Zimmer, Paramount Animation topper [...]

  • Kamala Harris Democratic candidate for US

    UCLA, Howard University Partner on Internship Program to Foster Diversity in Hollywood

    Increased focus on college students may be one way to pave a more diverse future in Hollywood. A new program from the UCLA Anderson School for Management’s Summer Institute at the Center for MEMES (Media, Entertainment & Sports) in partnership with Howard University gives students the opportunity to learn the ropes of the entertainment industry [...]

  • Anne del Castillo Named NYC's Commissioner

    Anne del Castillo Named New York City's Commissioner of Media and Entertainment

    The film and TV industries in New York City have a new boss: Anne del Castillo, who has been tapped by Mayor Bill de Blasio to serve as commissioner of the Mayor’s Office of Media and Entertainment. Del Castillo had served as general counsel and chief operating officer of MOME since 2015. She succeeds Julie [...]

  • Warner/Chappell Music Names Ryan Press President

    Warner/Chappell Music Names Ryan Press President of A&R for the U.S.

    Warner/Chappell Music has announced the promotion of Ryan Press to president of A&R, U.S. Press, who joined the publisher in 2009, has worked closely with an array of acclaimed songwriters and producers, including Rihanna, Rae Sremmurd, DJ Khaled, Wiz Khalifa, Meek Mill, T-Minus, Tayla Parx, Gucci Mane, Mike Elizondo, Aloe Blacc, The-Dream, Priscilla Renea, Lil [...]

  • Sarah BarnettAMC - SundanceTV 'State of

    Listen: AMC Networks' Sarah Barnett on Finding TV's 'Holy Grail'

    Sarah Barnett’s new job at AMC Networks has her overseeing four cable channels and two streaming platforms. She’s spent the past few months since her promotion to president of entertainment networks adjusting operations, assembling the right team and diving deeper into AMC’s investment in audience research and analytic tools. But none of that work matters [...]

  • Jordan Feldstein

    Beanie Feldstein Writes Touching Tribute to Her Brother, Maroon 5 Manager Jordan

    Actress Beanie Feldstein has written a moving tribute to her late brother Jordan, longtime manager of Maroon 5, who passed away of a heart attack in December of 2017. “It is impossible. Grief is just impossible. It cannot be contained or summarized or enclosed,” the tribute, published in InStyle, begins. “To describe the wound grief [...]

More From Our Brands

Access exclusive content