Live Nation Entertainment Reports Strong Q4 Earnings, Record Attendance and Ticket Sales for Full Year Thanks to Taylor Swift’s Continued Effect – Live Nation Entertainment (NYSE:LYV)
February 22, 2024 4:51 PM | 1 min read
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Concert venue owner and operator Live Nation Entertainment (NYSE:LYV) reported fourth-quarter financial results after market close Thursday.
Here are the key highlights.
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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 a 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.
Live Nation expects 2024 growth to be more weighted to the second and third quarters compared to previous years.
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.
Now Read: Block Q4 Earnings Highlights: Revenue Beat, EPS Miss, Q1 Guidance, Rule Of 40 Update And More
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