Live Nation Predicts Record Year
The concert company reported a 9 percent rise in quarterly revenue
Live Nation Entertainment on Thursday said revenue rose 9 percent and the company expects record sales, adjusted operating income and free cash flow growth this year.
The company said it is promoting 22 of the Top 25 global tours this year, including Jay Z, Beyonce, One Direction and Like Bryan.
Live Nation said revenue was $2.5 billion in the third quarter, up from $2.3 billion a year ago. Diluted net income per share rose to 49 cents from 22 cents in the same quarter last year.
The company sold 36.6 million tickets during the quarter, down from 37.6 million while its total number of concerts worldwide rose 5,157 compared with 5,073. "Fans," the term Live Nation uses to describe a person attending one of its events, rose to 22.1 million from 21.2 million.
By segment, Artist Nation, the firm's management service that boasts clients like Madonna, Lady Gaga, Britney Spears and Miley Cyrus, saw the largest growth in revenue at 18 percent. Concert revenue grew 11 percent, ticketing grew 8 percent and sponsorship and advertising, the smallest segment, grew 4 percent.
Shares of Live Nation rose fractionally to $24.86 on Thursday and fell fractionally after the closing bell.
"The live business continues to have a robust outlook as artists are reliant on touring as their main earnings driver and the best means to engage and connect with their fan base," CEO Michael Rapino said Thursday.