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.
- John Oliver on the Luxurious 'Freedom' of HBO, His Complicated Relationship With NYC
- The Hollywood Reporter's 35 Most Powerful People in New York Media 2014
- Cannes Preview: The Hot Movies in the Running to Hit the Croisette
- CBS' $67 Million Man: Does Leslie Moonves' Moolah Make Sense?
- Glenn Beck Moves Into Movie Production (Exclusive)
- MOST SHARED
- MOST POPULAR
- Ian Somerhalder Is Definitely the Hottest Paper Boy at LAX Airport!
- Katie Couric Flexes Her Muscles & She's Buffer Than You'd Imagine!
- Ariana Grande to Debut New Single 'Problem' at Radio Disney Music Awards! (Exclusive)
- Jason Derulo Rips Off His Shirt After Jordin Sparks Joins Him for Passionate Duet 'Vertigo'! (Video)