Live Nation continues to showcase its stranglehold on the industry with a record-setting streak in the third quarter of 2025, posting double-digit growth across all major segments as global fan demand pushed attendance and revenue to new highs.
The live entertainment giant reported $8.5 billion in revenue, an 11% increase from Q3 2024, while operating income rose 24% to $793 million. Adjusted operating income (AOI) reached $1.03 billion, up 14%, driven by record stadium activity, higher onsite spending, and continued strength in ticketing and sponsorship.
“Strong fan demand drove another record quarter, as we continue to attract more fans to more shows globally,” said Michael Rapino, President and CEO of Live Nation Entertainment. “With these tailwinds, 2026 is off to a strong start with a double-digit increase in our large venue show pipeline and increased sell-through levels for these shows.”
Global Concert Boom Continues
The company hosted over 51 million fans during the quarter — a record for Q3 — with stadium shows up 60% globally. Europe and Mexico led international growth, each recording double-digit gains in attendance.
Fan spending onsite remained robust, rising 8% at amphitheaters and 6% at major festivals. Non-alcoholic beverage sales climbed 20% per fan, reflecting growing demand for premium and diverse options.
Live Nation’s Venue Nation division also benefited from upgrades and expansions. Refurbished and newly opened venues — including Coca-Cola and Allianz amphitheaters — saw food and beverage spending rise by double digits, with premium seating inventory sold out under multi-year commitments.
Ticketmaster Growth Accelerates
Ticketmaster’s performance mirrored the company’s broader momentum, with revenue up 15% to $798 million and AOI increasing 21% to $286 million. The platform processed 89 million fee-bearing tickets, a 4% increase, as total fee-bearing gross transaction value (GTV) climbed 12%.
International markets were a key growth driver, accounting for 70% of Ticketmaster’s 26.5 million net new client tickets. Deferred revenue for Ticketmaster grew 30% year-over-year to $231 million, with 75% of that increase coming from outside the U.S.
Sponsorships Hit New Highs
Live Nation’s sponsorship segment brought in $443 million in revenue, up 13%, with AOI up 14% to $313 million. The company added new global partners including Hollister, Kraft Heinz, and Patrón, along with a multi-year regional deal with Trip.com and expanded agreements with Mastercard and RBC, which secured naming rights for the Toronto Amphitheater.
Outlook: 2026 Positioned for Another Record Year
Looking ahead, Live Nation projects continued growth in 2026, with ticket sales for next year’s concerts already surpassing 26 million, up double digits across stadiums, arenas, and festivals. The company also reported $3.5 billion in event-related deferred revenue, up 37%, reflecting strong consumer demand for upcoming shows.
Rapino said Live Nation is “positioned on a clear path for double-digit operating income and AOI growth this year and compounding at this growth level over the next several years.”
