$LYV (+0.13%)
| Live Nation Entertainment Q3 '24 Earnings Highlights:

🔹 Adj EPS: $1.66 (Est. $1.61) 🟢

🔹 Revenue: $7.7B (Est. $7.77B) 😕

🔹 Operating Income: $640M

🔹 Adjusted Operating Income (AOI): $910M; UP +4% YoY

Concerts:

🔹 Revenue: $6.6B; AOI: $474M, UP +39% YoY

🔹 Record AOI margin at 7.2%, UP 200 basis points YoY

🔹 112M fans attended concerts YTD, UP +3% YoY

🔹 Ticket sales for 2024 events up +3% YoY; October Ticketmaster concert event sales up +23% YoY

Ticketing:

🔹 Revenue: $694M; AOI: $236M

🔹 Ticketmaster transacted ticket sales up +15% YoY for October

Sponsorship & Advertising:

🔹 Revenue: $390M; AOI: $275M, UP +10% YoY

🔹 Sponsorship commitments up double-digits YoY, driven by partnerships and expanded brand presence at global festivals

Guidance:

🔹 Strong concert pipeline, expecting double-digit AOI growth in 2024

🔹 2024 CapEx estimated at $700M, largely for Venue Nation expansions

🔹 Full-year AOI margin expected to be consistent with last year

Other Highlights:

🔸 Venue expansions and renovations increased spending per fan by double digits at major festivals and amphitheaters

🔸 VIP ticket premium revenue for major festivals up +20% YoY

🔸 Venue Nation expects to host ~60M fans in 2024, UP +8% YoY

CEO Michael Rapino's Commentary:

🔸 "We wrapped up our most active summer concert season ever and are set for an even larger 2025. With a robust show lineup, expanded venue infrastructure, and high fan demand, we’re on track to continue our momentum."