Sónar promoter Advanced Music is celebrating the Barcelona event's best-ever year, with 61,000 attendees for the day programme and 62,000 at night
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The value of Live Nation shares rise as Q2 shows revenue up to $3.2bn and record 27m fans attending shows worldwide
By Anna Grace on 26 Jul 2019
Live Nation’s latest financial report shows strong growth for the company, which has grown its share price by 50% in 2019 so far.
The results follow a successful first quarter for the live entertainment behemoth, with shares rising from US$48 to $72.5 since the start of the year. Shares hit a high of $73 yesterday (25 July), up $2 from the pre-results release, settling at $72.5 at market close.
Shares in Live Nation (LYV) have grown at an increasingly swift rate, breaking the $70 mark just one year after hitting $50 in July 2018. The second quarter of 2017 saw the company top the $40 mark for the first time, just six months after breaking $30.
In Thursday’s earnings call, Live Nation president and chief executive Michael Rapino stated he was “excited” about the acquisition of a $480m stake in leading Latin American promoter Ocesa, as it “lays a big foundation to how we can continue to build our Latin American business.”
In Q2, Live Nation grew revenue to $3.2 billion, up 10% on the previous year’s figures, with operating income up 27% to $172 million and adjusted operating income (AOI) up 23% to $319m.
“The demand for live music is strong and growing from the largest stadiums to the local clubs”
Ticket revenues grew by 16% for the first half of the year. Ticket sales for artists outside the company’s top 100 increased 32%, “demonstrating that the demand for live music is strong and growing from the largest stadiums to the local clubs.”
In the second quarter alone, a record number of 27 million fans attended 10,000 shows, up 7% and 9% respectively from the previous year.
Live Nation-owned Ticketmaster grew operating income 31%. Partnerships with venues such as Evenko in Canada and the O2 in Prague, Czech Republic, have contributed to the ticketing service’s presence this quarter.
“2019 is on track for the company to deliver double-digit operating income and AOI growth along with strong gains in revenue,” says Rapino. “Each of our businesses is contributing to this success.”
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