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...
The Thunder Bay, Ontario native booked his first artist, blind troubadour Jeff Healey, at the age of 20, and knew from that moment, that concert promotion was his future – though it took a minute to ascend to the top post in all of touring, as Chairman/CEO of the world’s largest live concert company, Live Nation.
For a decade, Rapino served in various marketing and entertainment roles at Labatt’s Breweries of Canada, holding the position of Director of Entertainment and Sports as well as Head of the company’s marketing brands. He joined Live Nation’s European music division in July 2001, then in 2003, was promoted to CEO/President of the company’s international music division before serving as President of Clear Channel’s world music group for two years.
Rapino was named President/CEO of Live Nation Entertainment in August 2005, and since then has guided the Beverly Hills-based company to unprecedented heights, presiding over the 2010 merger with Ticketmaster, then acquiring stakes in EDM specialists Insomniac (Electric Daisy Carnival) for between $50 and $80 million in 2013, a majority stake in Austin-based C3 Presents (Lollapalooza) in Dec. 2014, for a reported $125 million and then a controlling stake in Bonnaroo, whose gross receipts for its Manchester, Tennessee, festival is estimated at $25 million.
Subsequent sponsorships with Vice has created Live Nation TV, while its new Ticketmaster Verified Fan system, designed to thwart scalpers and the secondary market, is being used for upcoming big events such as Taylor Swift’s tour and Bruce Springsteen’s Broadway run. After a recent spat with rival AEG over block-booking venues, only Amazon’s reported upcoming foray into live ticketing cast any doubts about Live Nation’s continued domination after overall revenues of $2.8 billion, up 29% over same time last year, in their just-released Q2 earnings report.