Ticketing and live events company Live Nation Entertainment LYV reported second quarter financial results after market close Thursday. Here are the key highlights.
What Happened: Live Nation Entertainment reported second quarter revenue of $5.63 billion, which was up 27% year-over-year. The revenue total came in ahead of a Street consensus estimate of $4.95 billion, according to data from Benzinga Pro.
The company reported earnings per share of $1.02 in the second quarter, which was ahead of a Street consensus estimate of 63 cents per share.
Revenue by segment was:
- Concerts: $4.63 billion, +29% year-over-year
- Ticketing: $709.3 million, +23% year-over-year
- Sponsorship/Advertising: $302.9 million, +15% year-over-year.
The company said it was a record second quarter for concerts. Growth was seen across arenas, stadiums and festivals.
Fan growth is up 25% year-to-date in 2023, with international markets leading the way with 46% year-over-year growth. The company also said it is seeing a larger number of tickets sold per show.
“Live music is bigger than ever, with global demand driving the industry to record levels. There’s a more diverse pipeline of artists breaking from all corners of the world, and at the same time tours are going to more markets – particularly in Latin America and Asia. This was our strongest second quarter ever, with 2023 on pace to be a record year,” Live Nation CEO Michael Rapino said.
While Taylor Swift might not have been named during the quarterly result, the impact of her record-breaking concert tour is likely a contributing factor to the record quarter for Live Nation.
The company reported an increase in fans, events and tickets sold in the second quarter for both the North America and International segments.
Related Link: Taylor Swift Fan Shakes Off High Ticket Prices, Becomes A Security Guard And Goes Viral
What’s Next: Rapino said that while 2023 is on pace to be a record year, early signs point to 2024 also showing “continued growth.”
The company has seen over 117 million tickets sold for Live Nation shows year-to-date, which is up 20% year-over-year. A total of 151 million fee-bearing tickets sold year-to-date is up 22% year-over-year, and the company said it is on track to hit 300 million fee-bearing tickets for the year.
Event-related deferred revenue is $4.3 billion, which is up 37% year-over-year. The company said it expects double-digit attendance growth in the third quarter.
LYV Price Action: Live Nation shares are down slightly to $96.49 in after-hours trading, compared to a 52-week trading range of $64.25 to $99.63.
Read Next: Live Nation Buys Major Stake In Colombian Firm To Boost Presence
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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