November 3, 2017:Live Nation financials set new quarterly records

Unconsciously channelling One Direction, Live Nation has been trumpeting its “best third quarter ever”, with the company’s business setting new financial records.

Live Nation’s revenues grew by 12% to $3.56bn in the third quarter of 2017, including $2.94bn from its concerts division (up 11%) and $532.3m from ticketing (up 17%). Live Nation ran nearly 6,800 events during the quarter that attracted 29.5 million fans, selling 115.5m tickets during the period.

Live Nation reported a net profit of $148.8m for the quarter, up from $132.8m this time last year. Other stats: Live Nation said that its Ticketmaster subsidiary is on course to deliver almost 500m tickets in 2017 as a whole, with a gross transaction value of $28bn.

The company also hailed the growth of its Verified Fan program that restricts tickets from the secondary market, with more than 60 artists and Broadway shows – Taylor Swift, Harry Styles, Hamilton and Bruce Springsteen included – having used it.

“By the end of this year I expect we will deliver three million tickets to Verified Fans, saving them $100 million dollars relative to buying on secondary sites after bots got the tickets first,” said president and CEO Michael Rapino.

Stuart Dredge
READ MORE: Data News
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