Christopher BarrettLive Nation Entertainment (LNE) said its third fiscal quarter for 2023 was the strongest in the conglomerate’s history, with revenue up 32% on the same period last year to $8.2 billion, and operating income up 22% to $619 million.
LNE said it expects to achieve full-year revenue of $17bn from its vast international operation that has already seen more than 140m tickets sold for the company’s shows this year, up 17% on the same period last year and already ahead of the 121m sold in 2022 as a whole.
The company achieved $7bn in concert revenue during its third quarter, 21% more than the Q3 2022 total. Meanwhile, its ticketing arm Ticketmaster reported it has sold 257m fee-bearing tickets year-to-date, and is on track to sell more than 300 million by the close of 2023.
LNE said it also achieved a record quarter with sponsorship, with revenue up 7% to $367m and adjusted operating income up 11% to $250m.
LNE CEO and president Michael Rapino said, “Today we delivered our strongest quarter ever and are on pace for a record 2023, driven in good part by the acceleration of structural growth in the live entertainment industry. While we have benefitted from tailwinds for many years, it has accelerated due to the globalisation of our business along with a fundamental shift in consumer spending habits toward experiences. With the majority of opportunity still untapped from Milan to Bogotá to Tokyo and beyond, we expect the industry will continue growing in 2024 and for years to come.”