×
You will be redirected back to your article in seconds

Live Nation Reports Its ‘Best Quarter Ever’

Live Nation Entertainment today released financial results for the past quarter and the year to date, and reports Q3 2018 was the “best quarter ever” for all of its divisions: concerts, sponsorship, and ticketing.

According to the announcement, for the quarter ended Sept. 30, revenue was up 11%, operating income was up 16% and AOI was up 16%. For the nine months ended Sept. 30, revenue was up 11%, operating income was up 24% and AOI was up 17%.

In the quarter, its concert businesses drew more than 33 million fans globally, up 12% year-over-year, according to the report. Through October, the company has sold 85 million tickets for concerts in 2018, up 6% year-on-year, and is on track to sell over 90 million tickets this year.

For the year to date, the company has seen an 8% increase in attendance, with 71 million fans attending 24,000 shows across 40 countries, driving revenue up 11%, operating income more than doubling and AOI up 29% for the nine months, according to the report. Its number of shows has also grown 17% through the third quarter.

Across the company’s arenas and amphitheaters, the average ticket pricing is up 14%, driven by front-of-house pricing which is up 25%. Collectively, these increases have grown artist earnings by over $300 million across roughly 6,000 shows, according to the report.

In a statement, Live Nation president/CEO Michael Rapino said: “As we approach the end of 2018, we are confident that our strong performance will deliver another record year of results. All of our businesses — concerts, sponsorship and ticketing — have delivered growth year-to-date through September, and based on their key operating metrics, we expect each to deliver record revenue, operating income, and AOI for the full year(1). As we look forward, we see tremendous opportunities to continue the global expansion of our concerts and ticketing businesses, and for further growth in sponsorship and ticketing from the concerts flywheel.”

 

 

More Music

  • Nick Cannon poses for a portrait

    Nick Cannon on His New Radio Morning Show Gig: 'I'm Not New to Multitasking'

    Television host, comedian, actor, producer, rapper, and children’s book author Nick Cannon will now add radio host to his long list of endeavors. He’s Power 106’s new morning show host, coming on the heels of J Cruz’s move to Los Angeles competitor Real 92.3 for the afternoon slot. The SoCal native recently shot the 15th [...]

  • Rapper Drake attends the game between

    Drake Drops Two New Songs to Celebrate Toronto Raptors' NBA Triumph

    As promised, Drake dropped two new songs Saturday to celebrate the Toronto Raptors’ NBA championship win, “Omertà” and “Money in the Grave” (featuring Rick Ross) — the first new songs he’s dropped so far this year, although he recently appeared on songs by former foes Meek Mill and Chris Brown. Apart from some wording on the image [...]

  • NEW YORK, NEW YORK - JUNE

    Watch Taylor Swift Give Surprise Performance at LGBT Landmark Stonewall Inn

    Taylor Swift is doubling down on her pro-LGBT activity during Pride month: Less than 24 hours after she dropped her new single “You Need to Calm Down,” which includes shout-outs to GLAAD and the LGBT community, she made a surprise appearance before about 100 people at the Stonewall Inn in New York’s Greenwich Village, the [...]

  • Nick Cannon King of the Dancehall

    Nick Cannon Joins L.A.'s Power 106 as Morning Show Host

    Nick Cannon is adding another hosting job to his resume. The entertainment renaissance man will join KPWR-FM (“Power 106”), Los Angeles’ top hip-hop radio station, as the morning show’s main host and producer. “Nick Cannon Mornings” will launch this Monday, June 17, and air from 5 to 10 a.m.  “Power 106 is one of the [...]

  • Plume of black smoke rising from

    Lawsuit Expected Next Week in Response to Universal Music Fire

    A Los Angeles law firm representing several Universal Music recording artists affected by the 2008 fire that destroyed a huge number of master recordings is expected to file a lawsuit as early as next week. King told Variety that he expects to sue for negligence and other torts. He declined to identify his clients, saying [...]

More From Our Brands

Access exclusive content