Live Nation Posts 12 Percent Higher Quarterly Profit
The company sold 36 million tickets in the third quarter, up 3 percent over last year.
Live Nation Entertainment on Monday posted $58 million in third-quarter net income attributable to shareholders, up 12 percent over the same frame a year ago. Revenue rose 10 percent to $2 billion.
Concerts, which is the company’s largest segment, saw a 12 percent climb in revenue to $1.4 billion while ticketing was up 4 percent to $346 million. Artist Nation was up 5 percent to $128 million and sponsorship and advertising rose 11 percent to $96 million.
Live Nation said it sold 19.4 million concert tickets during the quarter, up 6 percent from a year ago. It sold 6.7 million tickets to sporting events, up 4 percent, and 3.7 million tickets to family events, up 22 percent. Tickets to “arts and theater” events, though, dropped 16 percent to 4.5 million and the “other” category fell 1 percent to 1.8 million.
In all, the company sold 36 million tickets to various events, up 3 percent year-over-over during the third quarter.
“For the quarter, global concert attendance is up 2 percent and ticket sales for Ticketmaster increased 3 percent,” said CEO Michael Rapino. “We expect to have continued growth in ticket sales in the fourth quarter, as compared to last year, for both concerts and Ticketmaster.”
Shares of Live Nation fell fractionally on Monday to $9.17 and were unchanged after the closing bell.