Live Nation had its biggest summer concert season yet, the company announced Monday in third-quarter results, with profitability up 39% to $474 million from the prior year, revenue of $7.7 billion and operating income of $640 million and adjusted operating income. of $910 million. While revenue fell 6% to $7.7 billion, adjusted operating income rose 4% to $910 million.

The news follows Live Nation’s biggest first quarter of all time earlier this year, and a record high in 2023.

“We concluded our most active summer concert season ever,” said Michael Rapino, president and CEO of Live Nation. “Our show pipeline has never been greater and brand sponsorship is accelerating. Although operating income will be impacted by one-off provisions, we are moving towards double-digit AOI growth this year. As we look toward an even bigger 2025, we have an expanded slate of stadium, arena and amphitheater shows for fans to enjoy. The momentum continues to grow as we expand the industry’s infrastructure with music-focused venues to support artists and reach the untapped demand of fans around the world.”

The company also reported that 144 million tickets were sold through October for Live Nation concerts in 2024, a gain of 3%; that Venue Nation fans are spending more on-site, with a double-digit increase in on-site spending per fan at major festivals (over 100,000 fans) and a 9% increase in amphitheaters; and that “nearly all expected sponsorship commitments for the year have been booked, by double digits.”

It also says it has sold more than 20 million tickets for Live Nation concerts in 2025, a double-digit increase, and that stadium sales for 2025 (including upcoming tours by Coldplay, Rüfüs Du Sol and Shakira) will average has yielded double figures. growth in show revenues compared to previous tours.

The company’s Venue Nation expects to host approximately 60 million fans this year, up 8% from 2023, and notes three key improvements to its venue portfolio:

Mexico City’s Estadio GDP has reopened, with average net spend per fan increasing by 20% compared to pre-renovation levels; Northwell at the Jones Beach Amphitheater has reopened after a successful renovation with season seat and box suite sales up 50%, net food and beverage spend per fan up double digits and VIP club sales up 50% increased; and Brooklyn Paramount opened earlier this year and the VIP Club generates 30% more revenue per show compared to VIP Clubs at other top-performing theaters in the US.

More to come…