Live Nation Q2, Six-Month Revenue, Operating Income Up
July 28, 2016 at 1:49 PM (PT)
LIVE NATION revenue was up 23% for Q2 to $2.2 billion, while operating income surged 76% to $74.2 million and AOI gained 28% to $181 million.
Commented LIVE NATION President/CEO MICHAEL RAPINO: "After our strong performance in the first half of the year, we expect 2016 to be another year of growth and record results for the company. Based on our leading indicators in concerts, sponsorship & advertising, and ticketing,
we expect revenue and AOI growth in each of these businesses and overall for Live Nation this year."
On the concert side, 50 million tickets sold through mid-JULY, up 17% year-over-year with 18% growth in confirmed stadium, arena and amphitheater shows across U.S. and International, along with key festivals added to the portfolio.
In the sponsorship and advertising area, net revenue was up 16% through mid-JULY, while TICKETMASTER was up 19% in the first half of 2016 to more than $25 billion in total global transaction value (GTV), with secondary ticketing up 50% for quarter, reflecting 40 million tickets.
Off-platform sales increased by 30% to over 5 million tickets through deployment of APIs with partners such as FACEBOOK, BANDSINTOWN and BROADWAY.com and traditional distribution partners like GROUPON.