Live Nation’s Q3 Earnings Report reveals the company’s third best quarter ever. The industry giant suggests it is on track to deliver another year of record results across revenue, operating income and adjusted operating income.
The report states that revenue was up 12% for the quarter to $3.6 billion, operating income was up 5% and AOI was up 10% to $335 million. Free Cash Flow was adjusted 15% to $434 million for the year to date.
For the nine months ending on Sept. 30, 2017, revenue was up 19%, operating income was up 26% and AOI was up 16%. Concerts, advertising, and ticketing all reached their strongest adjusted operating income ever.
In the first nine months of 2017, Live Nation has sold over 80 million tickets and attracted nearly 30 million fans to attractions globally. Ticket sales are up 20% year-on-year.
Through the third quarter Live Nation drove a 16% increase in attendance, to 65 million fans at our 20,000 shows in 40 countries and attendance went up 6% overall per show. The company has also seen an increase in ancillary revenue per fan grow 9%.
For Live Nation’s sponsorship and advertising division revenue was up 20%, operating income up 13% and AOI up 15% for the nine months, resulting in the best quarterly results ever for their sponsorship business. The company explains that their other key growth initiative continues to be deepening and broadening their strategic brand relationships, with over 50 sponsors each spending more than $1 million on thier platform from onsite to fan direct engagement.
Ticketmaster is on track to deliver almost 500 million tickets worth approximately $28 billion in gross transaction value across 29 countries this year, making it the world’s largest marketplace. Live Nation attributes Ticketmaster’s successful quarter partially to Verified Fan product and announcement of the first league-wide conversion to digital ticketing with the NFL. By the end of this year, Live Nation CEO Michael Rapino expects they will deliver three million tickets to Verified Fans, saving them $100 million dollars relative to buying on secondary sites after being circumvented by bots.
Rapino said in the release “As we approach the end of 2017, we are confident that our strong performance will deliver another year of record top line, operating income and AOI. All of our businesses — concerts, advertising and ticketing — have delivered growth for the nine months, and based on their key operating metrics, we currently expect each to deliver record revenue, operating income and AOI for the full year.”
Check out the full report on Live Nation’s site.