Live Nation has recorded a Q2 profit of $52.2m by shifting more than 25 million tickets for more than 9,000 concerts worldwide.
In its Q2 earnings announcement, the company said concert ticket sales were up $3m, while Ticketmaster’s fee-bearing GTV was up 15 per cent through July.
In the second quarter of 2018, Live Nation delivered an 11 per cent increase in operating income, a 13 per cent increase in AOI and 6 per cent revenue growth.
In a statement, Live Nation release said: “As we previously indicated, this year will be particularly strong in our amphitheatres, with attendance up double-digits through the second quarter, and on track to grow by three million fans for the full year.”
The firm added that it will look to improve the on-site experience at its amphitheatres, drive increased spend per fan with additional points of sale, improve product mix and optimised pricing.
The company projects that it will promote 20 of the Top 25 tours of the year.
Its Ticketmaster business saw mobile fee-bearing sales up 34 per cent and now accounts for 40 per cent of all fee-bearing ticket sales. Mobile conversion overall also saw double digits gains.
Live Nation said: “Ticketmaster’s results are validating our strategy of delivering an efficient marketplace for fans to buy tickets while providing a great enterprise software solution to venues, teams and artists looking to maximise the value of their events.
“With this strategy’s continued success, we currently expect to again deliver high single-digit growth in ticketing operating income and AOI this year.
“At its core, Ticketmaster continues to be the most effective ticketing platform in the world, with the technology to service venues, sports teams and artists, and with the marketplace to attract and convert ticket buyers.”
Image: Raven Varona / Live Nation