Live Nation sets new revenue record, hits 2.26 billion in Q3
Live Nation turned a third quarter revenue of 2.26 billion setting a new company record. This marks a 15-percent increase from the previous quarter and a strong 2013 showing which Live Nation CEO Michael Rapino describes as “the best nine months for revenue and AOI for the company.” Live Nation’s concert business looks to be moving forward extremely well, with an engaged consumer base spanning across various festivals, especially those in the electronic and country music spheres. According to Rapino, the reason for the growth is that both the US and Europe are “firing on all cylinders” when it comes to festival size, promotion and engagement. In previous years, the European concert market was lagging leading to slow growth and diminishing returns, his year however, both markets have shown substantial growth.
Live Nation anticipates this upward trend to continue through to 2014 and expects to deliver high single digit growth in both revenue and adjusted operating income, while also achieving double digit growth in brand sponsorships and advertising revenue.
Via: Billboard Biz