Live Nation Entertainment has posted annual revenues of USD $25.2 billion for 2025, up 9% – or by $2.05 billion – year-over-year.
The live entertainment giant has today (February 19) also reported that a record 159 million people attended Live Nation-promoted shows in 2025 (across 55,000 concerts) – up by 8 million YoY.
A standout fact about these 159 million attendees?
For the first time, in 2025, more music fans attended Live Nation concerts outside the United States than inside it.
Live Nation reported operating income of $1.25 billion for the 12-month period ending December 31, 2025. That was up 52% YoY, though a $454.9 million charge weighed on 2024’s results, relating to the cost of settling claims from the 2021 Astroworld tragedy.
Live Nation’s Adjusted operating income (AOI) — which strips out depreciation and amortization, stock-based compensation, and ongoing legal costs stemming from the Ticketmaster merger, among other items — came in at $2.37 billion for 2025, up 10% YoY.
The results arrive as Live Nation faces perhaps its biggest-ever legal challenge: jury selection in the US Department of Justice’s antitrust lawsuit against LN and Ticketmaster — which alleges monopolistic conduct — is scheduled to begin on March 2
Today’s results confirm what Live Nation CEO Michael Rapino predicted in May when he said 2025 was “shaping up to be a historic year for live music”.
Rapino said in a statement accompanying the full-year results today (February 19): “In 2025, the bond between artists and their global fan bases reached new heights, fueling another year of double-digit growth. As artists continue to unlock untapped markets and headline the world’s most iconic stadiums, we’ve built momentum that carries us into a record-breaking 2026.
“We’re not just building venues; we’re crafting world-class stages designed to elevate the artist’s vision and their connection to fans. By strategically expanding our global footprint and investing in premium, upgraded infrastructure, we provide the canvas for career-defining performances. This investment doesn’t just drive ticket sales — it revitalizes local economies and cements our venues as cultural anchors.
“With a deep pipeline of large-scale shows and ticket demand continuing its ascent, we are positioned for another year of double-digit operating income and AOI growth in 2026. Our commitment to being the ultimate partner for artists ensures we are set to compound this double-digit growth for years to come.”
Live Nation further confirmed today that it invested nearly USD $15 billion in artists and shows during 2025. The firm claims this expenditure “reinforces” its position as “the leading financial supporter of artists”.
If ever a corporate line was invented to tweak the noses of the major music rights companies, it’s that one.
Concerts
Live Nation’s concerts business — by far the firm’s largest segment — generated revenue of $20.9 billion in 2025 (+10% YoY).
The concerts business also posted an annual AOI of $687 million, up 30% YoY.
That meant AOI margins expanded to a best-ever 3.3%.
Ticketmaster
Ticketmaster posted annual revenues of $3.1 billion (+3% YoY) and AOI of $1.13 billion (+1% YoY) for 2025, sustaining a margin of around 37%.
Fee-bearing ticket volume sales rose 2% YoY to 346 million, driven by a 4% increase in concerts offsetting a 2% decline in sports and other third-party activity.
Live Nation noted that ongoing anti-scalping and bot-mitigation initiatives are expected to weigh on ticketing AOI by mid-single digits in 2026. The firm also disclosed that “nearly all new [ticketing] features under development are leveraging artificial intelligence”.
Today’s earnings were released as Live Nation prepares for what could be its most consequential legal challenge: jury selection in the US Department of Justice’s antitrust lawsuit is scheduled to begin on March 2 — less than two weeks away.
The DOJ, joined by 39 US states and the District of Columbia, filed the lawsuit in May 2024, alleging monopolistic conduct across the live entertainment industry. A federal judge rejected Live Nation’s bid to dismiss the case earlier this week.
Sponsorship & Advertising
Sponsorship and advertising was Live Nation’s most efficient division by margin in 2025, generating annual revenue of $1.3 billion (+11% YoY) and AOI of $845 million (+11% YoY) — a margin of 64%.
This, said LN, was driven by growth across travel, beverages, and financial services brand partnerships including Bang & Olufsen, Anheuser-Busch InBev, and Santander Bank.
2026 outlook
Looking ahead, Live Nation said over 80% of its 2026 large venue shows are already booked, pacing up high-single digits globally and double-digits in North America.
Ticket sales for Live Nation concerts in 2026 are up double-digits to approximately 67 million fans so far.
Indeed, Ticketmaster delivered a record January, with concert ticket gross transaction value up over 50%, led by North American on-sales.
Some eye-catching recent headlines: Bruno Mars delivered the largest single-day ticket sales in Live Nation history, Harry Styles hit 11.5 million pre-sale registrations, and BTS sold out a 41-date stadium tour.
Festival demand is also strong, with the 2026 edition of Electric Daisy Carnival sold out and ticket sales for Austin City Limits, Reading, and Leeds up double-digits.
Live Nation’s year-end deferred revenue — essentially money already collected for future shows — stood at $4 billion at the close of 2025, up 21% YoY.Music Business Worldwide