LOS ANGELES (CelebrityAccess) — On Thursday, Live Nation Entertainment revealed the financial results for the company’s second fiscal quarter, posting big gains in revenue and adjusted operating income.
For the second fiscal quarter of 2023, Live Nation reported revenue of $5.6 Billion, up by 27% from the same quarter in 2022. During the same period, operating income improved by 21% year-over-year to $386 Million and adjusted operating income topped $590 Million, up by 23% from the same period in 2022.
Live Nation’s concert business was a key driver for the company’s results, generating more than $4.6 billion during the second quarter, while the company’s ticketing operations produced revenue of $709.3 million during the period, a 23% improvement over the previous year’s Q2.
Sponsorships and advertising continued their post-pandemic rebound as well, generating revenue of 299.4 million during the quarter, up by 13% year-over-year.
“Live music is bigger than ever, with global demand driving the industry to record levels. There’s a more diverse pipeline of artists breaking from all corners of the world, and at the same time tours are going to more markets – particularly in Latin America and Asia. This was our strongest second quarter ever, with 2023 on pace to be a record year, and early indicators for 2024 giving us confidence in continued growth,” stated Michael Rapino, President and CEO, Live Nation Entertainment.
Live Nation also provided some key stats for the first half of 2023, including the record 117 million tickets sold to Live Nation shows this year, a 20% increase from last year, along with a total of 151 million reported fee-bearing tickets sold year-to-date, up 22% year-over-year.
The company also touted the growth of worldwide concert attendance in 2023, including stadium shows, which grew by 28% this year, and arenas, which saw attendance up by 19% during the second quarter.
Attendance at festivals grew as well, with 4.5 million fans turning out for events around the globe during the second quarter, up by 14% year-over-year.
However, while Live Nation saw fan growth globally, international markets saw increases of 45%, while the U.S. markets grew by just 8% from Q2 2022.
