Live Nation, the world’s largest live-entertainment company, announced its Q2 2017 financial report Wednesday afternoon, and it showed revenue increasing 29% over the same quarter in 2016 to $2.8 billion, with operating income up 53% to $113 million, and adjusted operating income (AOI) rising 22% to $221 million.
Live Nation President/CEO Michael Rapino was predictably upbeat, “2017 is on track to be another year of growth and record results for the company. Our key indicators for our businesses — concert tickets sold for shows this year, contracted sponsorship, and fee-bearing ticketing GTV — are all pacing double digits ahead of last year and as a result we expect each of our businesses to deliver record revenue, operating income and AOI this year.”
The company announced it has already sold 68 million tickets through July, up 22% over the same time last year.
Sponsorship and advertising revenue was at $124.6 million, up 31% over Q2 2017, while Ticketmaster fee-bearing ticketing gross transaction value (GTV) is up 9% for the quarter to $486.4 million. Year-to-date (six months), ticketing is up 15% overall, with gains of 20% in operating income and 13% in AOI.
Added Rapino, “Our Ticketmaster results are validating our dual strategy of delivering an effective marketplace for fans to buy tickets while providing a great software solution to venues, teams and artists looking to maximize the value of their events. By continuing to do so effectively, I expect us to again deliver high-single-digit growth in ticketing operating income and AOI this year.”