Live Nation Entertainment, Inc. LYV reported financial results at the beginning of the month, illustrating strong ticket sales in the first half of the year.
The company's Ticketmaster app isn't showing any signs of a slowdown.
What Happened: The Ticketmaster app was ranked 16th in the "Top Free Apps" section of the Apple Inc AAPL app store as of Friday. The app was ranked 63rd on the list in the middle of July, before seeing download volume and overall usage increase throughout the month, according to data from SimilarWeb. Ticketmaster climbed into the 45th spot on Aug. 1, which was followed by an accelerated move higher.
Why It Matters: The 2022 NFL preseason kicked off on Aug. 4, which appears to have contributed to the increased mobile app usage.
Ticket sales have been extremely strong in 2022. During the company's most recent earnings report, Live Nation reported its highest quarterly attendance ever with more than 33 million fans across 12,500 events.
Live Nation said it had already sold 100 million tickets for 2022 concerts, which already exceeded the company's full-year 2019 fan count.
"Momentum across our business has remained strong in recent months and weeks, and demand combined with a substantial concert pipeline gives us confidence in our ongoing growth this year and into 2023," the company said in connection with its earnings release.
The NFL regular season is set to begin on Sept. 8 and will be followed closely by the NBA season, which tips off in the middle of October.
Live Nation's Ticketmaster app is currently ranked ahead of other popular apps in the entertainment sector including Spotify Technology SA SPOT and Netflix Inc NFLX.
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LYV Price Action: Live Nation has a 52-week high of $127.75 and a 52-week low of $78.14.
The stock was down 0.18% at $98.33 at press time, according to Benzinga Pro.
Photo: Vishnu R from Pixabay.
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