Live Nation Q3 Revenue Up 13%
November 5, 2013 at 2:09 PM (PT)
LIVE NATION ENTERTAINMENT saw its revenue jump 13% in Q3 and 11% for the nine months ended SEPTEMBER 30th, 2013. Q3 Concert revenue growth of 21% and Ticketing revenue growth of 3% easily overcame a 15% drop in its Artist Nation management division.
"We had a record summer with revenue of $2.3 billion, up 15% for the quarter, largely driven by a 27% growth in global concert attendance compared to last year," LNE Pres./CEO MICHAEL RAPINO said. " Consumer demand has come back strong for us this year, as we have had attendance growth across concerts globally, from new artists to the legends and everyone in between. The Sponsorship & Advertising segment also had continued strong performance with a 15% increase in revenue for the third quarter driven by higher sponsorship revenue and ongoing success in our online advertising business. And the launch of TICKETMASTER resale product in our Ticketing segment delivered higher sales and gross transaction value in the secondary market. At this point we are confident in delivering solid revenue, operating income and adjusted operating income growth for the year, with a double-digit increase in concert attendance."