LOS ANGELES (CelebrityAccess) — On Thursday, Live Nation released the financial results of their second fiscal quarter for 2022, revealing that the concert industry giant is on track for a record-breaking year.
Live nation reported revenue for the quarter of $4.434 billion, up by +669.2% from Q2 2021 and relative to Q2, 2019, the last comparable period before the pandemic, revenue is up by 40%.
Live Nation reported that operating income improved during Q2 as well, recording AOI of $480 million for the quarter, a 50% improvement year-over-year.
Consolidated Operating Income turned black this in Q2, with Live Nation reporting $318.7 million this year after posting a shortfall of $127.3 million during the same period in 2021.
Live Nation’s Ticketmaster division also reported strong performance in Q2, with revenue of $575.3 million, AOI Up 86% and transacted GTV Up 76% during the period. Perhaps in light of the recent Bruce Springsteen dynamic ticket pricing kerfuffle, Live Nation noted that while average ticket pricing was up by double digits through June, the average price for “entry level” tickets remained $33 dollars during Q2.
Live Nation said that fans were also spending more during visits at concerts with onsite fan spending up by 20% year-over-year.
Sponsorship operations recovered during the quarter as well, with revenue of $263.8 for the quarter, up from just $55 million in Q2 2021. The segment posted an AOI increase of 81% in Q2 with new clients including Google, AWS, and Hulu.
In remarks included with Live Nation’s earnings release, company CEO Michael Rapino said:
“During the second quarter, we promoted over 12,500 concerts for 33.5 million fans, each up over 20% relative to the second quarter of 2019. Of the over 6 million additional fans this quarter, 5 million of the growth came from international markets, driven by the addition of OCESA and the re-opening of most global markets with particularly strong fan demand through Europe and Latin America. Growth was broad-based with double-digit attendance increases at all venue types, demonstrating strong demand for events of all sizes from large scale stadium shows and festivals to intimate events in clubs and theaters.”
“Even as show count and attendance grew, fans demonstrated their willingness to pay more for the best seats, with the average price of a ticket for our concerts this year up 10% globally, relative to 2019, which remains largely in line with the U.S. inflation level over the period. At the same time, our average entry price for concerts remained affordable at $33, up only 5% from 2019. With market-based pricing being widely adopted by most tours, we expect to shift over $500 million from the secondary market to artists this year, continuing to support those who created the concert and ensuring they are benefiting from it.”
“Momentum across our business has remained strong in recent months and weeks, and demand combined with a substantial concert pipeline gives us confidence in our ongoing growth this year and into 2023.”