Live Nation has released its quarterly and half-year earnings, and chief Michael Rapino is feeling all the way live.
Revenue is up 6% for the quarter at $1.8 billion, concert tickets were up 7% through July, Ticketmaster Global GTV (gross transaction value) ticked up 10% for the half and Ticketmaster Resale was 55%. Sponsorship and ad revenue grew 19% through the first half of the year; the number of clients spending more than $1M per year is up by 15%, collectively adding $200M to the bottom line.
Through July Live Nation is outpacing last year's ticket sales by 7%. The company continues to have about 75% of the top 25 global tours, and per-fan on-site spend is up to $20 at amphitheaters and festivals.
“After growing the business in the first half of the year, we expect 2015 to be another year of growth and record results for the company,” said Rapino,”and we are confident that we will deliver the final year of our three-year plan."
He added that the company expects "revenue and AOI (adjusted operating income) growth in each of these businesses and overall for Live Nation this year. And more fundamentally, we continue to see a wide set of both organic and acquisition opportunities to further grow each of our businesses beyond 2015, directly building on the success we have achieved to date."
Immediately following Live Nation's announcement, Donald Trump declared bankruptcy three more times.
— Source: Hits Daily Double