Benzinga - by Chris Katje, Benzinga Staff Writer.
Concert venue owner and operator Live Nation Entertainment (NYSE:LYV) reported fourth-quarter financial results after market close Thursday.
Here are the key highlights.
What Happened: Live Nation reported fourth-quarter revenue of $5.84 billion, which was up 36% year-over-year. The revenue beat a Street consensus estimate of $4.77 billion according to data from Benzinga Pro.
The company reported adjusted earnings per share of $1.37, which beat a Street estimate of a loss of $1.03 per share.
Full-year revenue was $22.7 billion, which was up 36% year-over-year.
"The live music industry reached new heights in 2023, and demand for live music continues to build. Our digital world empowers artists to develop global following, while inspiring fans to crave in-person experiences more than ever," Live Nation CEO Michael Rapino said.
The company reported all-time highs for attendance, ticket sales and sponsorship for the full fiscal year. Here are the specifics:
- Concert attendance exceeded 145 million fans; that’s up 20% year-over-year for the full fiscal year.
- 620 million tickets were sold through Ticketmaster in the full fiscal year; that’s up 13% year-over-year.
- Sponsorship revenue was over $1 billion for the full fiscal year — up 13% year-over-year.
- Through mid-February, Live Nation sold 57 million tickets.
- Fee-bearing gross transaction volume of Ticketmaster is up double-digits year-over-year in the early 2024 portion.
- Sponsorships booked are up double digits year-over-year.
LYV Price Action: Live Nation shares are down 1% to $92.50 in after-hours trading Thursday versus a 52-week trading range of $64.25 to $101.74.
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