×
You will be redirected back to your article in seconds

Live Nation Posts Another Record Year, Revenue Up 11%

Live Nation Entertainment today posted its eighth consecutive year of record results for its revenue, operating income and adjusted operating income. In its 2018 earnings report, the company’s revenue was up 11% to $10.8 billion (with attendance at its concerts up 8% to 93 million) its operating income was up 61%, its AOI up 22% and its sponsorship and advertising revenue was up 13%.

Breaking down that latter figure, in the report CEO Michael Rapino said, “Our top strategic sponsors have been a key driver of this growth, with 75 sponsors collectively spending over $350 million to reach our fans, up 11% over 2017.”

The company’s Ticketmaster division saw its fee-bearing gross transaction value (GTV) up 14% and total platform GTV of $33 billion, which helped to drive a 14% increase in ticketing revenue for the year. Ticketmaster managed over 400,000 events during 2018, delivering almost 500 million tickets to fans in 28 countries, the report says.

The company has taken some lumps in recent months, one of which was acknowledged in the earnings report: a 2017 $110 million settlement with Songkick, although it did not mention the name of that company, whose assets it acquired as part of the settlement announced in January. Songkick accused Live Nation of interfering with its business and hacking into its computer systems.

Its new film and television division — currently is enjoying a huge success with “A Star Is Born,” which it co-produced — recently took a hit when the head of the department, Heather Parry, was terminated from the company after reports of workplace bullying. The division will continue under new management and Rapino said in response to a question during the earnings call, “We’re thrilled with this division, we have scale, artist relationships and great stories to tell. We’ve got 10-15 projects in the pipeline, so we think that division is a much higher-margin business than the concerts space but it ultimately is a great marketing platform for our artists and our shows and our [company].”

In the report, Rapino concluded, “In 2019, I expect us to further extend our global concerts position while enhancing our on-site hospitality business and capturing additional pricing opportunities. We believe that the combination of macro trends and our demonstrated ability to execute are strong indicators of our capability to continue to grow the business for many years to come.”

More Biz

  • Santos Dumont

    Mipcom: International TV Output Picture Changing for U.S. Majors

    The global import-export strategies of the U.S. majors are in flux as the world’s major content companies gather this week in Cannes for the annual Mipcom market and conference. Disney, WarnerMedia and the other handful of media conglomerates that control the vast majority of the U.S. market are in the midst of a radical transition [...]

  • Jane Fonda Arrested

    Jane Fonda Arrested in D.C. During Climate Change Protest

    Jane Fonda was arrested on Friday in Washington, D.C. during a climate change protest, Variety has confirmed. “Today, the United States Capitol Police arrested 16 individuals for unlawfully demonstrating on the East Front of the U.S. Capitol,” Capitol Police communications director Eva Malecki said in a statement to Variety. She added that all were charged with crowding, [...]

  • Firefighters battle the Saddleridge fire in

    Saddleridge Fire Forces Evacuations, TV Production Shutdowns

    A wind-whipped wildfire has spread across parts of the San Fernando Valley north of Los Angeles and forced evacuations, threatened thousands of homes and closed parts of five major freeways. The Saddleridge fire has prompted mandatory evacuations affecting about 100,000 people between Porter Ranch, Granada Hills and Sylmar. Mandatory evacuations have been called for about [...]

  • amazon-studios

    Amazon Studios Pacts With Howard University for Entertainment Education Program

    Howard University and Amazon Studios have teamed to launch Howard Entertainment, a two-semester program based in Los Angeles that offers Howard students the ability to take courses, network with Amazon industry partners and gain work experience in the entertainment industry. The inaugural program will begin January. The curriculum and immersive experiences will start with academic [...]

  • Remembering Prince

    Prince Estate Slams Trump Campaign for Playing ‘Purple Rain’ at Minneapolis Rally

    The Prince Estate strongly criticized the Trump campaign for playing “Purple Rain” at a Minneapolis rally in which the president made multiple aggressive and juvenile comments about Democratic leaders, Bruce Springsteen, Beyonce and Jay-Z. In a statement posted on social media, the Estate wrote, “President Trump played Prince’s ‘Purple Rain’ tonight at a campaign event [...]

  • Charlie Rose Sexual Harassment

    Charlie Rose Wins Dismissal of Retaliation Claim in Harassment Suit

    A New York judge on Thursday dismissed a claim that Charlie Rose retaliated against three female employees who complained of sexual harassment. Judge Doris Ling-Cohan found that while Rose had allegedly disparaged the women — calling one a “f—ing idiot” and another a “f—ing kindergartner” — his comments did not amount to retaliation under the [...]

  • James Murdoch

    James Murdoch's Lupa Systems Takes Minority Stake in Vice (Report)

    James Murdoch has purchased a minority stake in Vice Media, the once-upstart brand that is trying to reconfigure itself as many prominent digital-media brand grapple with a wave of consolidation, according to a new report. The Financial Times reported that Murdoch’s investment vehicle, Lupa Systems, has secured a small ownership stake in Vice. A spokeswoman [...]

More From Our Brands

Access exclusive content