Live Nation Posts Biggest Summer Concert Season ‘Ever’ in Third-Quarter 2024 Earnings

variety.com:

Jem Aswad Executive Editor, Music Live Nation saw its biggest summer concert season to date, the company announced in its third-quarter earnings on Monday, with profitability up 39% to $474 million over the previous year, revenue of $7.7 billion and operating income of $640 million and adjusted operating income of $910 million.

The news follows Live Nation’s all-time biggest first quarter earlier this year, and a record 2023. “We wrapped up our most active summer concert season ever,” said Michael Rapino, Live Nation’s president-CEO. “Our show pipeline has never been bigger, and brand sponsorships are accelerating.

While operating income will be impacted by one-time accruals, we are pacing toward double-digit AOI growth this year. As we look toward an even bigger 2025, we have a larger lineup of stadium, arena and amphitheater shows for fans to enjoy.

Momentum continues to build, as we expand the industry’s infrastructure with music-focused venues to support artists and reach untapped fan demand across the globe.”
 The company also reported 144 million tickets sold for 2024 Live Nation concerts through October, a 3% gain; that fans in its Venue Nation are spending more on-site, with double-digit increases in on-site spending per fan at major festivals (over 100,000 fans) and up 9% at amphitheaters; and that “nearly all expected sponsorship commitments for the year booked, up double-digits.” It also says it has sold more than 20 million tickets for Live Nation concerts in 2025, up double-digits, and that stadium on-sales for 2025 (including forthcoming tours by Coldplay, Rüfüs Du Sol and Shakira) have delivered double-digit average growth in show grosses relative to past tours.