Total revenue grew 21% to $3.8 billion and adjusted operating income improved 15% to $367 million as every business segment — concerts, ticketing and sponsorship & advertisements — beat the prior-year quarter. Ticket sales for arenas and amphitheaters for 2024 are on track for a double-digit improvement, and confirmed shows for large venues — stadiums, arenas and amphitheaters — are also up double digits.
Ticketing revenue increased 7% to $723 million and AOI rose 5% to $284 million. Fee-bearing gross transaction value reached nearly $8 billion. Boosted by double-digit growth in international markets, Ticketmaster sold a record 77 million tickets in the quarter. The company said artists that toured in 2023 are seeing increased ticket sell-throughs and higher grosses per show at arenas and amphitheaters compared to their tours last year.
Sponsorship & advertising revenue rose 24% to $211 million. This year, Live Nation added new clients Jaguar Land Rover’s Defender and, for U.K. festivals, headline partners Rockstar Energy and Liquid Death. Looking ahead, Live Nation expects a double-digit increase in attendance to its amphitheaters and other operated venues. The outdoor venues in particular are especially lucrative. Live Nation expects per-fan profitability at amphitheaters — which are 2.5 times the amount of similar third-party venues — to increase by double digits in 2024.
Full-year margins are expected to be higher than last year and AOI is expected to be on par with 2023 levels, excluding a potential payout for lawsuits related to theDiddy’s Daughter Chance Combs Attends Prom With Chloe x Halle’s Brother Branson BaileyLinkin Park Considering 2025 Reunion Tour With New Vocalist. We use vendors that may also process your information to help provide our services.