Live Nation has announced a strong set of quarterly financial results, with revenues up 29% year-on-year to $2.82bn in the second quarter of 2017. The company’s net profit rose from $37.7m a year ago to $81.5m in Q2 this year.
“Our concerts business is our flywheel, selling over 68 million tickets to shows this year through July, 12 million more tickets than at this point last year,” reported the company. In terms of categories: concert revenue for Live Nation was up 34% to $2.25bn; sponsorship and advertising revenue was up 31% to $124.6m; and ticketing grew by 9% to $484.6m.
There was some additional context on Ticketmaster’s secondary-ticketing business, which has been the subject of plenty of debate in recent times.
“Secondary ticketing was down approximately 2% in the second quarter of 2017 compared to the prior year, as the second quarter of 2016 was up approximately 50% versus the same period in 2015,” reported Live Nation. However, it expects a return to “double-digit growth” in the value of tickets sold through its secondary platforms in the third quarter of this year.
Also worth noting: Ticketmaster has “expanded our listings to also include secondary tickets to shows for which Ticketmaster is not the primary ticketer, all purchased through the same checkout flow” – a move that the company says has increased the number of events it has listed by 35%.
But Ticketmaster also said that its ‘Verified Fan’ product is picking up steam as a way for artists to keep tickets off secondary services. “Since launching the product earlier this year, we have worked with 50 artists in the United States and Europe to sell over 1 million tickets to true fans, with a dramatic reduction in these tickets then being sold on secondary sites,” reported the company.