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Sep 30, 2023
Live Nation Q3 2023 Earnings Report
Delivered strongest quarter ever and are on pace for a record 2023, driven by structural growth in the live entertainment industry.
Key Takeaways
Live Nation Entertainment reported a record third quarter in 2023, with revenue up 32% to $8.2 billion and operating income up 22% to $619 million. The company is on pace for a record year, driven by the globalization of its business and a shift in consumer spending towards experiences.
Revenue increased by 32% to $8.2 billion in Q3, and by 36% to $16.9 billion year-to-date.
Operating income increased by 22% to $619 million in Q3, and by 35% to $1.1 billion year-to-date.
The company sold 140 million tickets year-to-date, surpassing the full year 2022 total of 121 million.
Event-related deferred revenue increased by 39% to $2.6 billion, reflecting continued momentum into 2024.
Live Nation
Live Nation
Live Nation Revenue by Segment
Revenue by Segment
Concerts Revenue
CapyFin.comTicketing Revenue
CapyFin.comSponsorship & Advertising Revenue
CapyFin.com Forward Guidance
Live Nation expects continued momentum through 2023 and into 2024, based on leading indicators through mid-October.
Positive Outlook
- Record number of fans: 140 million tickets sold year-to-date for Live Nation shows this year, up 17% year-over-year and already surpassing full year 2022 total of 121 million
- Record Ticketmaster volume expected: 257 million fee-bearing tickets sold year-to-date, up 22% year-over-year; on track to manage over 600 million tickets this year, including well over 300 million fee-bearing tickets
- Record Sponsorship results expected: On pace for double-digit AOI growth this year
- Strong Projected Free Cash Flow — Adjusted: Percentage conversion for the full-year is now projected to be in the mid-60s
- Strong concert calendar: Event-related deferred revenue up 39% to $2.6 billion (vs 3Q22), reflecting continued momentum into 2024
Challenges Ahead
- operational challenges in achieving strategic objectives and executing on the company's plans
- the risk that the company's markets do not evolve as anticipated
- the potential impact of any economic slowdown
- operational challenges associated with selling tickets
- operational challenges associated with staging events
Revenue & Expenses
Visualization of income flow from segment revenue to net income