Live Nation (NYSE: LYV) hit its “highest quarterly attendance ever” during the third quarter of 2022, according to a recently released earnings report, as revenue grew nearly 130% from the same three-month period in 2021.
Ticketmaster’s parent company has just released its financials for the three months ending September 30, after touting its performance and ticket sales in 2022 earnings reports. first and second quarters.
Amid the large-scale comeback of crowd-based entertainment, the still controversial Live Nation continued that momentum in the third quarter, when revenue reportedly topped $6.15 billion. The figure reflects the aforementioned improvement of around 130% year-over-year (YoY) as well as a jump of 38.77% on a quarterly basis.
In the third quarter 2022 total, Live Nation reported that it earned $5.92 billion from concerts — a year-over-year increase of nearly 146% and a quarterly increase of 47.11%.
As one would expect, given the results on the revenue and attendance side as well as the continued return of concerts, ticket master recorded its own relative growth in the third quarter, with revenue of $531.6 million, up 42.06% year-on-year but down 7.59% quarter-on-quarter. Live Nation also revealed a quarterly drop of 3.22% in total tickets sold, 135,367.
Live Nation third-quarter 2022 revenue was $343 million from “Sponsorship and Advertising,” which grew 96.67% year-over-year and 30.02% quarter-on-quarter, depending on the ventilation. And following those gains, Live Nation reported third quarter operating profit of $506.2 million, more than three times the sum of the third quarter of 2021 and 58.83% above the total of the second quarter of 2022.
Turning to the numbers behind the shows and attendees that fueled Live Nation’s Q3 expansion, seniors identified 11,219 events for the quarter, just over double the company’s event count for the same period in 2021.
Still, the figure was down 1,269 from Q2 2022, as an increase of 251 shows in North America was unable to offset a drop of 1,520 shows internationally, according to the analysis. Consistent with those statistics, Live Nation reported that attendance at its third quarter events outside of North America fell 6.98% from the second quarter to 15,202, versus an increase of more than 12,000 fans for North America itself and its 29,089 attendees in the third quarter. .
Looking forward to next year, Live Nation said it had already sold more tickets for 2023 events than it had for 2022 in Q3 2021 (excluding rescheduled events), with a ” confirmed sponsorship” up 30% for 2023 compared to 2022 sponsorship figures in 2021. third quarter.
At the time of this writing, Live Nation stock was down 6.15% from its previous close (and 40.80% since the start of 2022), with a price per share of 71.72. $.