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.