Live Nation reported second-quarter revenue of $4.4 billion, with fan attendance rising to 33.4 million across 12,500 events, the company said Thursday.
Through Ticketmaster, Live Nation sold approximately 139,866 tickets in the second quarter, compared to 111,292 sold in the first quarter, which was the second highest total transaction volume in the company’s history at the time. Total ticket sales for the year reached 100 million, already surpassing the number of fans Live Nation had in 2019 before the pandemic.
The company also reported $318.7 million in operating income for the quarter, recovering from a loss of $127.3 million last year.
The shows accounted for $3.6 billion in revenue, followed by $575.3 million in tickets, according to the company’s second-quarter earnings report. In the first quarter, total revenue reached $1.8 billion, with shows generating the most revenue and causing the largest drop in operating income.
“The second quarter proved that the live entertainment industry is back globally and bigger than ever before,” said Live Nation CEO Michael Rapinoe in announcing the results. “As we prepare for 2023, the entire world is open for concerts and we are actively going to all markets with the biggest lineup of artists we’ve seen at this time of year.”
Rapinoe said fans attending concerts at venues owned and operated by Live Nation reached 14 million in the second quarter, and the company expects that number to reach 50 million for the full year.
The executive recently extended his contract with Live Nation to five years, keeping him as CEO until the end of 2027. Rapinoe’s salary is $3 million a year, with an annual cash bonus target of $17. million a year and a one-time bonus. $6 million signing bonus. Next year, Rapinoe will also receive an annual grant of at least $10 million in restricted stock, bringing his total compensation package to around $30 million, depending on the company’s performance.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
