Live Nation posted a robust earnings report today, with $8.7 billion in revenue for the first three quarters of 2019, a 6% increase from the same period last year. The company also delivered its highest operating income and adjusted operating income quarter to date, from July 1-Sept. 30, with $260 million and $427.1 million, respectively.
Live Nation, the world’s largest live-entertainment company, reported its strongest year ever in 2018, with $10.8 billion in revenue, and seems on track to beat that number this year. The company also sold over 92 million concert tickets for the year to date, bringing its operating income to $408 million and adjusted operating income to $862 million. However, concert revenue is down 4% from the same period last year, to $3.2 billion.
“Our international business has been particularly robust this year, delivering much of our fan growth with a strong year for stadiums and theaters, while in the United States our arena and theater activity was also up,” president/CEO Michael Rapino (pictured above) said. “As we have grown our show volume and the breadth of artists with which we work, we have also been more effective in pricing tickets closer to market value, particularly with our platinum pricing tool. So far this year we have had over 3,000 arena and amphitheater shows use platinum tickets, with a 54% increase in the number of platinum tickets sold per show.”
Live Nation’s Ticketmaster division grew its operating income by 30% and brought in $388.5 million in revenue in the third quarter, while its sponsorship team’s revenue was up 17%.
“As we approach the end of 2019, we are confident that our strong performance will deliver another record year with growth in revenue, operating income and AOI,” Rapino said. “With an early look to next year, our 2020 pipeline is up substantially, with over 1,500 stadium, arena and amphitheater shows booked already, up double-digits from this same point last year.”