Live Nation Revenue Hits $7.7 Billion as Concert Profits Slip
Event-related deferred revenue reached a record $6.4 billion at the end of the second quarter.
Live Nation Entertainment (LYV), the global event and ticketing giant, reported consolidated revenue of $7.7 billion for the second quarter. The result represented a 9% increase year-over-year, though the growth rate decelerated from the 16% rise reported in the same period last year.
Consolidated Adjusted Operating Income (AOI) grew 2% year-over-year to $817 million. This growth marked a slowdown from the 11% increase recorded in the second quarter of 2024.
The company's concerts segment saw a reversal in profitability. Concerts AOI declined 14% year-over-year to $310 million, following 33% growth in the prior-year quarter. The decline was due to the timing of stadium shows, costs associated with pre-opening venues, and the launch of new international festivals.
Growth in other segments offset the concert slump. Ticketmaster AOI rose 14% year-over-year to $331 million, supported by an 8% increase in fee-bearing tickets sold, which totaled 90 million. Sponsorship AOI increased 13% year-over-year to $257 million, while sponsorship revenue rose 12% to $383 million.
Demand metrics remained positive. Global fan attendance grew 10% year-over-year to 49 million, up from 44 million in the second quarter of 2024. Ticketmaster deferred gross ticket value rose 16% to $5.2 billion, and deferred service fee revenue increased 23% to $390 million.
Live Nation revised its full-year fan attendance projection to 10% growth, up from the "high-single digits" projection provided in the first quarter. The company also raised its 2026 fan hosting projection for Venue Nation to "close to 75 million," compared to the previous projection of "over 70 million".
Full-year capital expenditures are projected at $1.1 billion, which is toward the lower end of its initial range due to project timing. Free cash increased to approximately $2 billion at the end of the second quarter, up from $1.7 billion in the previous quarter.