Live Nation had another record year in 2017, with revenue up 24 per cent to $10.3bn (£7.4bn/€8.4bn).
According to financial results for the quarter and full year that ended on December 31, sponsorship and advertising revenue was up 18 per cent.
The live entertainment company’s attendance at its concerts was up 21 per cent to 86 million, with its Ticketmaster arm also showing strong growth. Its fee-bearing gross transaction value (GTV) was up 15 per cent.
According to the report, Live Nation added 15 million fans globally for a total of almost 86 million fans, with concerts revenue rising 26 per cent. The company invested $5.6bn to promote 30,000 shows in 40 countries.
The report showed Live Nation’s fourth-quarter loss of $202m from its $110m settlement with Songkick, although it did not initially mention the name of the company, whose assets it acquired as part of the settlement announced in January. Songkick accused Live Nation of interfering with its business and hacking into its computer systems.
Live Nation ticket prices increased by 5 per cent in 2017, amounting to over $250m additional revenue, with average per-fan spending growing as well.
The report also highlighted the fact that Live Nation’s arena, amphitheater and stadium shows through February 19 2018 are up 7 per cent compared to this time last year.
“Overall, we expect a very strong year across our amphitheaters, arenas and festivals, with some decline in stadium show count on a year-over-year basis,” chief executive Michael Rapino said.
“Given our plans to further monetise our fan relationships, I expect this will translate into continued strong growth in concerts operating results in 2018.
“In 2018, I expect us to further consolidate our global concerts position while enhancing our on-site hospitality business and capturing additional pricing opportunities,” Rapino said.
“We believe that our sponsorship business will continue driving double-digit growth as more brands look for that direct connection with music fans. And a more effective Ticketmaster marketplace, along with further alignment with artists, should continue to build on Ticketmaster’s success.”
Image: Live Nation