LOS ANGELES (CelebrityAccess) — Live Nation reported a record-breaking third fiscal quarter for 2023, with revenue and operating income both well ahead of analyst estimates.
According to Live Nation, the company saw revenue increase by 32% from Q3 2022 to $8.2 billion with the company reporting it is on track for full year revenue of almost $17 billion.
Operating income for the quarter was up as well, with Live Nation reporting $619 million in Q3, up by 22% from the same period in 2022. Earnings per share for Q3 2023 was up by 28% to $1.78.
According to Live Nation, more than 140 million tickets have been sold for the company’s shows this year, an increase of 17% from the previous year and already well ahead of the full year ticket sales for 2022, which came in at 121 million.
Revenue during the quarter for Live Nation’s concerts was $7 billion, up 21% from the previous year, while adjusted operating income from the segment was reported at $341 million, up by 21% year-over-year.
Ticketmaster reported sales of 257 million fee-bearing tickets year-to-date, showcasing the full recovery of the live events industry from the malaise of the COVID-era shutdowns. Live Nation’s ticketing operation also reported that it was on track to manage over 600 million tickets this year, including well over 300 million fee-bearing tickets.
Sponsorship were another bright spot for Live Nation in the third quarter, with revenue up by 7% to $367 million while AOI topped $250 million, a year-over-year improvement of 11%.
Venue Nation, Live Nation’s venue operation reported growth of ancillary revenue at operated venues, including a 10% bump in amphitheaters along with a double digit bump for the company’s theaters and clubs. Additionally, growth in on-site spending outpaced the pace of inflation.
“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 globalization 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.” stated Michael Rapino, President and CEO, Live Nation Entertainment.
