Live Nation 3Q Revenue, Operating Income All Up
October 30, 2014 at 1:41 PM (PT)
LIVE NATION ENTERTAINMENT's MICHAEL RAPINO released the company's financial results for the period of three and ine months ended SEPTEMBER 30th.
For the first nine months of the year, revenue is up 9%, Adjusted Operating Income is up 11%, with all divisions growing in both categories. Revenue for the Third Quarter is up 11%, AOI is up 17%, while Operating Income and Free Cash Flow both are up 19%.
"We are continuing to build share in concerts and artist management and drive growth in sponsorship and ticketing," according to RAPINO. "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. The ongoing flow of new artists continues to re-energize the business as fans more than ever find the live experience, from club shows to stadiums to festivals, a top entertainment choice and the best and most unique means to celebrate their favorite artist and share the experience with fans, both on-site and online."
LIVE NATION shows continued strength in concerts, promoting 22 of the top 25 global tours this year, including JAY Z and BEYONCE, ONE DIRECTION and LUKE BRYAN. LIVE NATION expects to draw five million fans across its 65 global festivals in 2014, 8% growth from 2013, increasing attendance per show by 4% through the first nine months as compared to the prior year.
The Sponsorship and Advertising business continues to deliver strong margins and growth, according to RAPINO, citing the success of its channel at YAHOO!, delivering more than 100 continuous days of a live show a night with millions of viewers tuning in to watch.
TICKETMASTER's new product TM+ has been activated for over 13,000 events since its launch in SEPTEMBER 2013 and year-on-year, global secondary gross transaction value (GTV) is up 44% year-to-date. The broad adoption of the platform by fans and teams leads to projections it can generate $1 billion in resale GTV from its launch through the end of 2014. Resale is up over 40% over the first nine months of 2014.
Concluded RAPINO: "As we near the end of 2014, LIVE NATION has never been in a stronger position. We are on track to deliver our three-year strategic plan for 2015, and have great confidence in our longer-term growth opportunities as we see the global opportunities in our core businesses of concerts, sponsorship and advertising, ticketing, and artist management."