:max_bytes(150000):strip_icc()/GettyImages-1801110049-2fcc3fd9ee2342f6acf29ee4985d4836.jpg)
Key Takeaways
- Demand for live concerts sent revenue soaring for Ticketmaster parent Live Nation Entertainment.
- The company estimated the number of events in the fourth quarter were up 20% from the year-ago period, with attendance rising 17%.
- Live Nation anticipates 2024 growth will be strongest in the second half of the year.
Live Nation Entertainment (LYV) shares gained close to 3% in intraday trading Friday as the entertainment company’s revenue soared on a rise in shows and attendees.
The parent of Ticketmaster, the world’s largest marketplace for live concerts including the Taylor Swift Eras Tour, reported fourth-quarter revenue jumped 36% from a year ago to $5.84 billion, beating estimates. Revenue was up 44% to $4.87 billion for concerts, 14% to $740 million in ticketing, and 4% to $255 million for sponsorships and advertising.
Live Nation noted the total number of estimated events rose 20% to 15,823, with attendance advancing 17% to 37,540. Tickets sold gained 3% to 169,447.
CEO Michael Rapino said the live music industry “reached new heights in 2023,” and that demand for those events continues to increase. He estimated that Live Nation’s profitability will compound “by double-digits over the next several years.”
The company said it anticipates growth this fiscal year will be “more weighted toward 2Q and 3Q compared to previous years.”
Live Nation shares were up nearly 3% at $96.43 as of about 12:10 p.m. ET, their highest level since last July. They’ve gained 26% over the past year.
TradingView