Live Nation 3Q Revenues Up To $2.8 Billion
October 29, 2015 at 1:38 PM (PT)
LIVE NATION released its financial results for the three and nine months ended SEPTEMBER 30th. boasting a record quarter, remaining on track to deliver its planned growth and record performance for the year.
Revenue was up for the quarter 10% with AOI up 8% to almost $2.8 billion at constant currency, with overall operating income up 9% to $164 million and AOI up 8% to $279 million at constant currency. The nine-month total is $5.8 billion in total revenue at constant currency, up 9%, with $190 million in operating income (down 2%) and $504 million AOI (up 4%).
There was a 10% increase in fans attending LIVE NATION concerts in the quarter, driving strong growth in advertising and ticketing, with over 24 million fans and more than 48 million fans over the first nine months, up almost 3 million fans from last year. As of OCTOBER 26th, LIVE NATION have sold over 54 million tickets for shows this year, up 8% from this point last year.
For the first nine months this year, sponsorship and advertising is up 19% in both revenue and AOI, at constant currency. Coming off very strong growth in online advertising during the first half, in the third quarter LIVE NATION experienced 39% growth in festival sponsorships, at constant currency.
TICKETMASTER experienced 8% growth in global site visits driving an 18% increase in combined primary and secondary Gross Transaction Value, during the third quarter, at constant currency. Our secondary business continued its strong performance, with GTV up 22% in the third quarter.
Commented LIVE NATION President/CEO MICHAEL RAPINO: "Our scale businesses of concerts, advertising and ticketing are all showing growth in their key operating metrics and we expect them to operationally deliver record revenue and AOI.
"As we look forward, we see tremendous opportunities to continue consolidating concerts and ticketing on a global basis, with further growth in our advertising and ticketing businesses from the concerts flywheel."
See full results here.