Live Nation – the company behind some of the biggest live music shows today – just reported that their Quarter 2 revenue and profits are up. The news helped the stock of Live Nation rise almost $3 on the New York Stock Exchange. The latest number erased the notion that the company may not be able to remain profitable because of it’s fractured business.
According to new financial filings, Live Nation booked a revenue of 2.8 billion for the quarter, up by 29% over the same period last year. Operating income for the quarter was up substantially as well, with the company posting income of $113.4 million, and adjusted operating income of $221.4 million, up by 53% and 22% respectively when measured against 2016. Live Nation’s concert business drove increases in revenue, increasing to $2.24bn for Q2, up by 34% over 2016.
Live Nation said they promoted over 7000 shows for tens of millions of fans. The actual number of fans also increased by 5.5 million over the same time last year.
What’s more is that Ticketmaster also reported gains in revenue by 9%. That was likely helped by the increases seen at Live Nation.
Michael Rapino, Live Nation President and CEO, said:
“2017 is on track to be another year of growth and record results for the company. Our key indicators for our businesses — concert tickets sold for shows this year, contracted sponsorship, and fee-bearing ticketing GTV — are all pacing double digits ahead of last year and as a result we expect each of our businesses to deliver record revenue, operating income and AOI this year.”