Live Nation Entertainment (LNE) has reported $6.2 billion (£5.5bn) in third quarter revenue, up 63% on the equivalent pre-pandemic quarter in 2019, and operating income up 95% to $506m (£450m).
The dominant global promoter said it had delivered its biggest summer concert season and driven a record quarter during which it enjoyed strong attendance at its events – 44 million people across 11,000 concerts in 50 countries. Year to date, 89m fans have attended 31,000 LNE events.
LNE-owned Ticketmaster also recorded a record period, with an all-time high reported fee-bearing gross transaction value of $7.3bn (£6.5bn) up 62% on Q3 2019.
Among the other performance highlights for LNE was a 30% uplift in ancillary per fan spending throughout September at US amphitheatres.
The promoter said that despite varying economic headwinds including inflation, it has not seen any pullback in demand, as on-sales, on-site spending, advertising and all other operating metrics showed strong year-on-year growth.
LNE said shows of all kinds attracted strong demand, with double-digit attendance growth across all venue types including clubs, theatres, amphitheatres, arenas, stadiums and festivals. It had a particularly strong quarter of stadium shows, with attendance of nearly 9m across major tours by acts including Bad Bunny, The Weeknd and Red Hot Chili Peppers.
The corporation also reported record sponsorship figures, with international sponsorship up 93% year to date, compared with 48% across its US business. Across the board, its annual operating income from sponsorship was $226m (£201m), 56% higher than Q3 2019.
LNE CEO and president Michael Rapino said he expects the business to enjoy a strong finish to 2022: “Ticket sales for concerts this year were up 34% for the quarter, and now stand at over 115m tickets sold for shows this year, up 37% from this point in 2019.
“More importantly, momentum is strong with early signs pointing to continued growth in 2023 across our businesses. Ticket sales for shows in 2023 are pacing even stronger than they were heading into 2022, up double-digits year-over-year, excluding sales from rescheduled shows. In our sponsorship business, confirmed commitments are up 30% from this time last year, showing the resiliency and long-term commitments that brands have for our business.
“Beyond these specific leading indicators, going into 2023, we expect we will drive growth in our concert business by adding more venues to our operated portfolio, continue increasing ancillary per-fan revenue and further our efforts to deliver market value for the show to artists. And in ticketing, we expect to benefit from these market pricing trends, while also continuing to globally add new clients to our world-class platform.”