Live Nation Reports Record Setting 2nd Quarter 2024 Results.

July 31, 2024

Through the first six months of 2024, total revenue grew 12% to $9.8 billion and AOI improved 19% to $1.08 billion. The number of events grew 16.9% to 25,881, while the number of fans at Live Nation concerts and festivals rose 10.4% to 61.8 million.

“We continue to see strong demand globally, with a growing variety of shows attracting both casual and diehard fans who are buying tickets at all price points, which speaks to the unique experience only live concerts can provide. Venue Nation’s strategic investments in hospitality and infrastructure are driving strong returns as more attendees maximize their onsite experiences. While operating income will be impacted negatively by one-time accruals, we are on track to deliver double-digit AOI growth for the year and look forward to a very busy 2025.”

–Michael Rapino, President and CEO, Live Nation Entertainment

Quarterly Highlights: No Signs of Concerts Slowdown, Global Fan Demand Fuels Record Q2
(versus prior year, reported FX)

Revenue up 7% to over $6 billion
Operating income up 21% to $466 million
Adjusted operating income up 21% to $716 million
Record Q2 concerts adjusted operating income margin of 5.4%
Fans continue to prioritize concert going and spending onsite:
- Venue Nation hosted 24 million fans year-to-date, up 10%
- Revenue from onsite spending at festivals and amphitheaters up double-digits year-to-date
39 million fans globally at Live Nation concerts, up 5% with double-digit growth at Live Nation arenas and amphitheaters
183 million fee-bearing tickets sold year-to-date, up 3% despite reduced stadium activity
Onsite sponsorship from operated venues and festivals up 28% year-to-date

Key Metrics Point to Another Record Year in 2024
(based on leading indicators through mid-July vs same period last year)

Momentum gains into the summer concerts season:
- Year-to-date ticket sales for 2024 Live Nation concerts are 118 million, higher than 2023 with double-digit increases for arena, amphitheater, and theater and club shows
- Confirmed shows for large venues (stadiums, arenas, and amphitheaters) up double-digits
- Cancellation rates for North America concerts tracking lower than 2023 levels
Venue Nation expands fan offerings and enhances hospitality:
- Venue Nation to host over 60 million fans this year, up 10%+
- Live Nation amphitheater average per fan spending on track to grow by approximately $2 per fan
- Major festivals (over 100k fans) average per fan spending up double-digits year-to-date
- Plans to open 14 major venues globally in 2024/25, continuing to expand the global market
Growing global artist pipeline:
- New artists touring up 130% year-to-date, with nearly half performing at On The Road Again venues
- Across top 50 global tours, International artists have attracted 50% more fans year-to-date compared to 2019
Ticketing international expansion continues, setting up for ongoing growth:
- Approximately 17 million net new enterprise tickets signed year-to-date, with two-thirds from international markets
- International markets remain a key driver of growth: ticket sales up 15% in Mexico year-to-date, over one million tickets sold in newly launched markets Brazil and Peru, and expansion into South Africa
- Q4 onsale activity related to 2025 stadium shows expected to be strong, driving 2024 operating income and adjusted operating income growth

Concerts Delivers Record Profitability (Q2 vs same period last year)

Revenue up 8% to approximately $5 billion
AOI up 61% to $271 million
AOI margin of 5.4%, setting up for margin expansion in 2024 toward pre-pandemic levels

Arena and Amphitheater Shows Drive Fan Growth (Q2 vs same period last year)

39 million fans attended approximately 15,000 Live Nation concerts globally, up 5% and 20% respectively:
- Arena attendance up double-digits globally, led by the U.S. and Latin America
- Amphitheater attendance up approximately 40%
- Theater and club attendance up 15%