Live Nation Entertainment has released its third quarter financial results, which is the company’s “best quarter yet.”
The ticketing giant revealed that revenue is up 11 percent, totaling a staggering $3.8 billion this quarter. Operating income and adjusted operating income both increase by 16 percent, while sponsorship and advertising committed net revenue rose by 13 percent and Ticketmaster fee-bearing gross transaction value was up by 15 percent.
It also noted that over 85 million concert tickets were sold for 2018 shows, which increased by five million through October.
“With the success of our concerts flywheel, we are promoting more shows for more fans, more effectively pricing and selling tickets, and delivering a better fan experience than ever before,” Live Nation said in a press release. “As a result, we will spend over $6 billion producing concerts this year, making Live Nation far and away the largest financial partner to musicians.”
The company explained that their key growth driver is on-site partnerships; they currently have 1,000 sponsors on-site and online. This quarter, T-Mobile, Sony, Sterling Wine, and Subway were added to their list. Additionally, Live Nation said another key growth initiative is “deepening and broadening our strategic brand relationship,” with over 70 sponsors investing in their platform.
For the full year, Live Nation’s subsidiary Ticketmaster is expected to deliver 500 million tickets, worth around $31 billion. The three quarters in 2018 so far have been ranked among the company’s top five quarters to date for recognized gross transaction value.
As the end of 2018 approaches, Live Nation believes they will have another record year of results.
“As we look forward, we see tremendous opportunities to continue the global expansion of our concerts and ticketing businesses, and for further growth in sponsorship and ticketing from the concerts flywheel,” Live Nation said.