It’s no surprise that Live Nation posted another record quarter in Q2 2024, with revenue up 7% versus 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 in the company’s arenas and stadiums.
Its Ticketmaster subsidiary has sold 183 million fee-based tickets since the start of the year, up 3% despite lower stadium activity, and on-site sponsorship from venues and festivals it operates is up 28% since the start of the year.
The numbers come on the back of an antitrust lawsuit filed by the Justice Department against the company, as well as ongoing settlements stemming from Travis Scott’s 2021 Astroworld festival, in which 10 people were killed when a crowd surged during his show. The company’s earnings report indicates that an additional $94 million in accruals related to the Astroworld lawsuit, which is expected to represent the remaining settlements, were recognized in the second quarter for a total of $280 million this year. The company has reached settlements in all 10 wrongful death lawsuits.
“We continue to see strong demand globally, with an ever-growing variety of shows that appeal to both casual and hardcore fans purchasing tickets at all price points, demonstrating the unique experience that only live concerts can provide,” said Michael Rapino, CEO of Live Nation Entertainment, in a statement. “Venue Nation’s strategic investments in hospitality and infrastructure are driving strong returns as attendees increase their on-site experiences. While operating income will be negatively impacted by one-time accruals, we are on track to deliver double-digit operating income growth this year and look forward to a very busy 2025.”
◦ Revenue from festival and stadium spending has increased by double digits since the beginning of the year.
◦ Confirmed shows in large venues (stadiums, halls, stands) reaching double digits
◦ Concert cancellation rates in North America are below 2023 levels
◦ Average spending per fan at Live Nation theaters is expected to grow by approximately $2 per fan.
◦ Average fan spend at major festivals (100,000+ fans) is in double digits so far this year
◦ Plans to open 14 major locations globally in 2024/2025
The company also notes that new artist tours have increased by 130% since the beginning of the year, and that
Global artists attracted 50% more fans this year compared to 2019. It also highlights that arena attendance increased by double digits globally, led by the US and Latin America; stadium attendance increased by nearly 40%; and theatre and club attendance increased by 15%.
Sponsorships showed 3% revenue growth to $312 million, and noted expanded relationships with brand partners including a multi-year, festival-specific partnership with The Coca-Cola Company, an extension with Hulu to be the official streaming destination for three of the largest festival brands (Bonnaroo, Lollapalooza and Austin City Limits), and a partnership spanning more than 40 festivals in the U.S. with BeatBox.
