Live Nation Entertainment, Inc. has released its Q2 2019 and H1 2019 financial results for the three and six months ended June 30, 2019 respectively.
The live entertainment giant’s revenue was up 10% YoY in Q2 2019 to $3.2 billion (interestingly, this is more than Universal Music Group’s global recorded music operation turned over in the first six months of this year).
Operating income at Live Nation in Q2 was up 27% to $172 million, with adjusted operating income (AOI) up 23% to $319m.
Live Nation says that global ticket revenue from its concerts is up 16% for the first half of 2019, while ticket revenue from concerts outside Live Nation’s Top 100 artists is up 32% for the first half of the year.
The company says that it has sold 73m concert tickets for its shows in the first half of 2019, up 6% or approximately 4.5m year-on-year.
In Q2, Live Nation reports that had 27m fans attend 10,000 shows, up 7% and 9%, respectively year-on-year, which the company says was “by far” its largest second quarter ever.
Operating income from the company’s sponsorship and advertising business grew by 14% year-on-year, with AOI up by 12% and revenue up by 8% for the quarter.
Live Nation’s ticketing division Ticketmaster saw fee-bearing gross transaction value (“GTV”) growth of 13% at constant currency in the quarter, making it the company’s highest second quarter GTV ever.
As a result, Ticketmaster’s operating income was up 31%, AOI was up 20% and revenue was up 6% for the quarter.
“We have created the most scalable and unparalleled business model in the industry, building a platform that brings over 570 million fans in 45 countries to live events each year.”
Michael Rapino, Live Nation
“We have created the most scalable and unparalleled business model in the industry, building a platform that brings over 570 million fans in 45 countries to live events each year,” said Live Nation President and Chief Executive Officer Michael Rapino.
“With our key metrics in concerts, sponsorship and ticketing all pacing well ahead of last year, we are confident that in 2019 the company will again deliver double-digit operating income and AOI growth.
“In summary, 2019 is on track for the company to deliver double-digit operating income and AOI growth along with strong gains in revenue.
“Each of our businesses is contributing to this success, starting with concerts as we put on more shows for more fans, then continuing to monetize fans at the concert, sell more tickets to events of all types, and further deliver value to our sponsors from our platform of nearly 100 million fans.”Music Business Worldwide