LOS ANGELES (CelebrityAccess) — Live Nation announced the financial results for the company’s third fiscal quarter, ending on June 30th, reporting lower revenue from its concerts and ticketing business.
In the third fiscal quarter of 2024, Live Nation’s revenue slid by 6% year-over-year to $7.65 billion, with results weighed by performance of the company’s concert division, which also declined by 6% year over year to $6.580 billion, and ticketing, which fell 17% year-over-year to $693.7 million.
Revenue from Live Nation’s sponsorships and advertising division was a bright spot for the company in Q3, rising to $390.3, an improvement of 6% over the previous year’s Q3.
At the same time, Live Nation’s Ajusted Operating Income grew by 4% year-over-year to $909.8 million, boosted by concerts, which rose by 39% year-over-year to $474.1 million and sponsorships & advertising, which grew by 10% from Q3 2023 to 275.3.
Live Nation’s ticketing business generated AOI of $235.7 million during the quarter, down sharply from 2023 when Live Nation recorded AOI of $351.6 million for the segment.
“We wrapped up our most active summer concert season ever, our show pipeline has never been bigger, and brand sponsorships are accelerating. While operating income will be impacted by one-time accruals, we are pacing toward double-digit AOI growth this year. As we look toward an even bigger 2025, we have a larger lineup of stadium, arena and amphitheater shows for fans to enjoy. Momentum continues to build, as we expand the industry’s infrastructure with music-focused venues to support artists and reach untapped fan demand across the globe,” stated Live Nation President and CEO Michael Rapino.
Live Nation reported selling over 144 million concert tickets through October, a 3% increase from last year, with concert profitability at a record 7.2% margin, up more than 200 basis points. Ticketmaster’s October transactions rose 15% overall and 23% for concerts, including Live Nation events. Sponsorship commitments for the year are nearly fully booked and show double-digit growth.
