Benzinga - by Chris Katje, Benzinga Staff Writer.
Concert venue owner and operator Live Nation Entertainment (NYSE:LYV) reported third-quarter financial results after the market close Thursday.
Here are the key highlights.
What Happened: Live Nation reported third-quarter revenue of $8.2 billion, which was up 32% year-over-year. The revenue beat a Street estimate of $6.99 billion, according to data from Benzinga Pro.
The company reported earnings per share of $1.78, beating a Streett estimate of $1.27.
Live Nation reported operating income of $619 million and adjusted operating income of $836 million, up 22% and 35%, respectively, year-over-year.
Concerts revenue was $7 billion, up 32% year-over-year and a record for the company. Live Nation had record attendance with strength from all markets, according to the company. Fan growth was up 13% in North America and 34% in international markets for overall year-over-year growth of 21%.
"Today we delivered our strongest quarter ever and are on pace for a record 2023, driven in good part by the acceleration of structural growth in the live entertainment industry," Live Nation CEO Michael Rapino said.
Year-to-date, Live Nation has seen a record number of fans with 140 million tickets sold, a total that is up 17% year-over-year. The total has already passed the full year 2022 total of 121 million. The strong results come as Taylor Swift has been breaking concert records.
Related Link: Live Nation Q3 Earnings Preview: Will Business Moat Outshine Taylor Swift Fiasco
What's Next: The company said it continues to build momentum with double-digit growth in large venue shows in the pipeline. Ninety-two percent of fans said they plan to go to the same number of shows or more shows in 2024.
"While we have benefitted from tailwinds for many years, it has accelerated due to the globalization of our business along with a fundamental shift in consumer spending habits toward experiences," Rapino said.
The Live Nation CEO said the concert and entertainment industry "will continue growing in 2024 and for years to come.
LYV Price Action: Live Nation shares are up 3% to $84.70 in after-hours trading Thursday, versus a 52-week trading range of $64.25 to $101.74.
Read Next: Taylor Swift Helps Paint A Love Story For Live Nation, Company Reports Record Breaking Second Quarter
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