Live Nation continued its post-pandemic growth trajectory with another record-setting second quarter. Revenue rose 7% to $6.02 billion and adjusted operating income (AOI) improved 21% to $716 million due to a 61% increase in concert division AOI, the company announced on Tuesday (July 30).
Despite the occasional news of canceled tours and festivals, Live Nation's results suggest that fan demand is strong enough to meet the supply of touring artists. Cancellation rates for North American concerts are lower than they were in 2023, the company said, and Live Nation hosted 39 million fans worldwide in the quarter, up 5% from the year-ago quarter. As tours shifted from stadiums to smaller venues, the total number of concerts increased by 23.2% in North America and increased by 19.9% overall.
In the first six months of 2024, total revenue rose 12% to $9.8 billion and AOI improved 19% to $1.08 billion. The number of events increased by 16.9% to 25,881, while the number of fans at Live Nation concerts and festivals increased by 10.4% to 61.8 million.
“We continue to see strong demand worldwide, with a growing variety of shows that appeal to both casual and die-hard fans at all price points, demonstrating the unique experience that only live concerts can provide,” CEO Michael Rapinoe he said in a statement.
With fewer stadium shows than the previous year, Live Nation is banking on high-margin arenas and auditoriums in 2024. Stadium attendance grew by double-digits worldwide, theater and club attendance grew by 15%, and auditorium attendance grew by approximately 40 %. Auditoriums in particular are good for Live Nation. Nearly a third of Live Nation's theaters have been updated since 2022 — including with new bar designs and upgraded VIP boxes — and have generated an overall return of more than 30 percent, according to the company.
In the ticketing division, revenue rose 3% to $731 million and AOI was flat at $293 million, and the quarter ranked among the company's top five in terms of transactions and reported ticket sales. Ticketmaster sold 78 million paid tickets in the quarter, about the same as the year-ago quarter. Commission-bearing gross transaction value was even at $8.4 billion.
Sponsorship and advertising revenue increased 3% to $312 million and AOI increased 10% to $223 million. Live Nation secured a multi-year, multi-year partnership with Coca-Cola and an extension with video streaming service Hulu to be the official streaming destination for Bonnaroo, Lollapalooza and Austin City Limits.
The latest numbers show how much Live Nation has grown since the touring business returned from pandemic-era shutdowns in 2020 and 2021. Second-quarter revenue was 36% higher at $4.43 billion. that the company saw in the second quarter of 2022 and AOI was 49% above Live Nation's $480 million AOI in the same period in 2022. In addition, the business is significantly larger than before the pandemic. Second quarter revenue and AOI increased 90.8% and 124.4%, respectively, from the same quarter of 2019.
Top results for Q2:
- Total revenue of $6.02 billion, up 7%, driven by an 8% increase in concert revenue.
- Adjusted operating income of $716.2 million, up 21%, driven by a 61% increase in AOI gigs.
- Total attendance rose 4.9% to 38.9 million.
- The number of concerts increased by 19.9% to 14,678.
from our partners at https://www.billboard.com/pro/live-nation-earnings-q2-2024-concert-giant-sets-revenue-record/
