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After making history in Q3 2018, CEO Michael Rapino says it'll likely be another record-breaking 12 months for Live Nation
By IQ on 02 Nov 2018
Live Nation is on course for an eight consecutive year of record growth, according to CEO Michael Rapino, after posting its best-ever quarterly results.
For three months ending 30 September 2018, the live music behemoth saw turnover increase 11%, to nearly US$3.9bn, operating income 16%, to $234.2m, and AOI (adjusted operating income, which excludes several expenses, mostly related to stock-based compensation, depreciation and amortisation) 16%, to $386.5m. For the year to date (quarters 1–3), revenue was up 11%, operating income 24% and AOI 17%.
All divisions – concerts, sponsorship and ticketing (Ticketmaster) – also individually delivered their strongest-ever third-quarter AOI results.
“Our concerts business is our flywheel, attracting over 33 million fans to shows globally in the quarter, up 12% year-over-year, which then drove record results in our on-site, ticketing and sponsorship businesses,” says Rapino (pictured). “Through October, we have sold 85 million tickets for concerts in 2018, up 6% year-on-year, and we are on track to sell over 90 million tickets this year.
“We are confident that our strong performance will deliver another record year of results”
“With our strength in concert attendance growth, we are also seeing similar success in our on-site, sponsorship and ticketing businesses, giving us confidence that 2018 will be another year of record results for Live Nation overall and for each of our divisions.”
Live Nation grew its revenues by US$2bn, or 24%, in 2017 – its seventh consecutive year of record-breaking growth.
“As we approach the end of 2018, we are confident that our strong performance will deliver another record year of results,” Rapino continues.
“All of our businesses – concerts, sponsorship and ticketing – have delivered growth year-to-date through September, and based on their key operating metrics, we expect each to deliver record revenue, operating income and AOI for the full year. As we look forward, we see tremendous opportunities to continue the global expansion of our concerts and ticketing businesses, and for further growth in sponsorship and ticketing from the concerts flywheel.”
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