Live Nation sees a record third quarter
Gig and event ticket seller Live Nation released earnings results in November that set a new record for its third quarter. More than that, taken in tandem with the strength of the first half of the year, the company is on track for its best ever year regarding earnings and operating income. Live Nation said revenue for the quarter increased by 12% from the year-ago quarter, and earnings per share were up 8% over the same period.
Live Nation’s share price has appreciated by 65% so far this year
SOURCE: Yahoo Finance
Looking at the first nine months of 2017, Live Nation’s revenue is up by 19% year on year. Earnings are up by an incredible 82% over the same period, and operating income is up 26% against the first nine months of 2016. The company’s three major divisions – concerts, advertising, and ticketing – all hit record operating income totals too.
Live Nation’s CEO Michael Rapino took to the company’s shareholder letter to air his views:
"Our concerts business is our flywheel, attracting almost 30 million fans to shows globally in the quarter, which then drove record results in our onsite, ticketing and advertising businesses. Through October, we have sold over 80 million tickets for concerts in 2017, up 20 percent year-on-year.
"With our strength in concert attendance growth we are also seeing similar success in our onsite, sponsorship and ticketing businesses, giving us confidence that 2017 will be another year of record results for Live Nation overall and for each of our divisions.”
Dominion holds Live Nation in its Global Trends Luxury Fund.
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