Live Nation Posts Record $6 Billion in Revenue for Second Quarter, Although Astroworld Settlem

 Posted on August 10, 2024  |  5 minutes  |  886 words  |  Larita Shotwell

Not surprisingly, Live Nation is posting another record quarter in Q2 2024, with revenue up 7% over Q2 2023 to more than $6 billion, operating income up 21% to $466 million and 39 million fans globally at its concerts, up 5% with double-digit growth at the company’s arenas and amphitheaters.

Its Ticketmaster division has sold 183 million fee-bearing tickets sold year-to-date, up 3% despite reduced stadium activity, and onsite sponsorship from its operated venues and festivals is up 28% year-to-date.

Those numbers take place against the backdrop of the Department of Justice’s ongoing antitrust lawsuit against the company as well as the ongoing settlements stemmingfrom Travis Scott’s 2021 Astroworld festival, in which 10 people were killed when the crowd surged during his set. The company’s earnings report notes that additional $94 million in accruals related to the Astroworld litigation, expected to represent remaining settlements, was recognized in Q2 for a total of $280 million this year. The company reached settlements in all 10 wrongful-death lawsuits.

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Live Nation Entertainment President-CEO Michael Rapino said in a statement, “We continue to see strong demand globally, with a growing variety of shows attracting both casual and diehard fans who are buying tickets at all price points, which speaks to the unique experience only live concerts can provide. Venue Nation’s strategic investments in hospitality and infrastructure are driving strong returns as more attendees maximize their onsite experiences. While operating income will be impacted negatively by one-time accruals, we are on track to deliver double-digit AOI growth for the year and look forward to a very busy 2025.”

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◦   Revenue from onsite spending at festivals and amphitheaters up double-digits year-to-date

◦   Confirmed shows for large venues (stadiums, arenas, and amphitheaters) up double-digits

◦   Cancellation rates for North America concerts tracking lower than 2023 levels

◦   Live Nation amphitheater average per fan spending on track to grow by approximately $2 per fan

◦   Major festivals (over 100k fans) average per fan spending up double-digits year-to-date

◦   Plans to open 14 major venues globally in 2024/25

The company also notes that new artists touring are up 130% year-to-date, and that

international artists have attracted 50% more fans year-to-date compared to 2019. It also highlights that arena attendance is up double-digits globally, led by the U.S. and Latin America; amphitheater attendance up approximately 40%; and theater and club attendance is up 15%.

It’s sponsorship division showed a 3% growth in revenue to $312 million, and noted expanded relationships with brand partners including a multi-year, multi-festival partnership with Coca-Cola, an extension with Hulu to be the official streaming destination for three of the biggest festival brands (Bonnaroo, Lollapalooza, and Austin City Limits), and a partnership spanning more than 40 festivals in the U.S. with BeatBox.

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