LOS ANGELES (CelebrityAccess) — Live Nation revealed the results of their second fiscal quarter, demonstrating the resilience of the company’s concert business amid a challenging economy.
According to Live Nation, revenue for the quarter topped $6 billion, up 7% over the previous year with concerts a key driver of those results. In the second quarter, Live Nation’s concert business accounted for 82.8% of all revenue, up slightly from 82.3% during the same period in FY 2023.
Operating income during the quarter improved by 21% to $466 million, while adjusted operating income grew to $716 million, a 21% improvement over Q2 2023. The adjusted operating income margin from concerts during the quarter set a record at 5.4%
For 2024, Live Nation’s venue division, Venue Nation reported attendance from 24 million fans year-to-date, up 10% while revenue from onsite spending at festivals and amphitheaters improved by double-digits, the company said.
On the ticketing side, revenue improved by 12.1% to 730.6 million while adjusted operating income was down slightly year-over-year to $292.5 million.
According to Live Nation, 183 million fee-bearing tickets have been sold this year, up 3% from 2023, despite reduced stadium activity.
Revenue from sponsorships and advertising grew by 5.2% during the quarter to $302.8 million and are up by 28% year-to-date.
While the company’s Q2 numbers were strong, Live Nation warned that the company is facing some headwinds, including an additional $94 million in costs related to the Astroworld litigation, which topped $280 million this year.
Additionally, Live Nation anticipates a larger impact from foreign currency exchange rates on its net income for the remainder of 2024.
“We continue to see strong demand globally, with a growing variety of shows attracting both casual and diehard fans who are buying tickets at all price points, which speaks to the unique experience only live concerts can provide. Venue Nation’s strategic investments in hospitality and infrastructure are driving strong returns as more attendees maximize their onsite experiences. While operating income will be impacted negatively by one-time accruals, we are on track to deliver double-digit AOI growth for the year and look forward to a very busy 2025,” stated Michael Rapino, President and CEO, Live Nation Entertainment.
