According to a recently released earnings report, Live Nation (NYSE: LYV) achieved “the highest quarterly attendance ever” during the third quarter of 2022, as revenue grew by almost 130 percent compared to the same three-month period in 2021.
Ticketmaster’s parent company most recently released its financial results for the three months ended September 30, after the results and ticket sales were presented in the profit and loss statements for the first and second quarters of 2022.
Amid the full-scale return of mass entertainment, the controversial Live Nation carried that momentum into the third quarter, when revenue is said to have exceeded $6.15 billion. The figure reflects the aforementioned improvement of about 130% compared to last year (YoY), as well as a quarterly jump of 38.77%.
According to the results of the third quarter of 2022, Live Nation reported that it earned $ 5.92 billion from concerts — an annual increase of almost 146 percent, and quarterly growth of 47.11 percent.
As expected, taking into account the results on revenue and attendance, as well as the continued return of concerts, Ticketmaster showed relative growth in the third quarter, with revenue of $ 531.6 million, which is 42.06% more than in the previous year, but 7.59% less than quarterly. Live Nation also reported a quarterly decrease in the total number of tickets sold by 3.22% to 135,367.
In conclusion, Live Nation’s revenue for the third quarter of 2022 is $343 million from “sponsorship and advertising,” which grew by 96.67% year-on-year and 30.02% quarter-on-quarter, according to the breakdown. And as a result of those earnings, Live Nation pointed to a third-quarter operating profit of $506.2 million, more than three times the amount in the third quarter of 2021 and 58.83 percent higher than the total for the second quarter of 2022.
Turning to the numbers behind the shows and attendees that contributed to Live Nation’s expansion in the third quarter, executives identified 11,219 events for the quarter—just over double the number of the company’s events over the same period in 2021.
However, this figure decreased by 1,269 compared to the second quarter of 2022, as, according to the analysis, an increase of 251 shows in North America could not compensate for a decrease of 1,520 shows internationally. According to these statistics, Live Nation indicated that the number of visitors to events in the third quarter outside of North America decreased by 6.98% compared to the second quarter to 15,202 people, while in North America itself the number of visitors increased by more than 12,000 people, and in the third quarter their number was 29,089 man. .
Looking ahead to next year, Live Nation said it has already sold more tickets for 2023 events than for 2022 as of the third quarter of 2021 (excluding rescheduled events), with “confirmed sponsorship” up 30 percent in 2023 compared to 2022 sponsorship figures in 2021. third quarter.
At the time of this writing, Live Nation shares are down 6.15% from the previous close (and 40.80% since the beginning of 2022) at a per-share price of $71.72.