Joe GallopLive Nation Entertainment (LNE) has reported a near-record $5.6 billion (£4.3bn) in revenue for the second quarter of 2023 – the promoter’s second-best figure ever.
The latest figure is an increase of 27% from Q1 and trails only last year’s third quarter, which clocked nearly $6.2bn.
Overall attendance at LNE events overall is up 25%, with only 8% growth in North America but a 46% rise from overseas.
The promoter’s concert revenue was nearly $4.6bn, an 29% increase year-over-year, with double-digit growth in stadiums, arenas and festivals. Much of the growth was driven by overseas markets.
Stadium attendance at LNE events is up 28% to 8m fans, led by Europe and Asia Pacific. Arena attendance is up 19% to 10.7m fans, largely from Canada, Asia Pacific and Latin America, while festival attendees saw a 14% rise to 4.5m fans, driven by global demand across all our markets.
Other LNE figures include its operating income up 21% to $386m; AOI up 23% to $590m; operating cash flow of $491m and earnings per share of $1.02.
LNE’s ticketing revenues are up 23% to $709m with $8.7bn in fee-bearing gross transaction value, up 25% against last year. The promoter’s sponsorship revenue was up 15% against the same quarter last year to $303m.
LNE said it has $4.3bn in event-related deferred revenue and a 2024 pipeline running ahead of 2023 for arenas, stadiums and amphitheaters.
LNE president and CEO Michael Rapino said, “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, and early indicators for 2024 giving us confidence in continued growth.”