As the live in-person concert business returns to action, LIVE NATION ENTERTAINMENT saw second quarter revenues jump year-to-year from last year’s pandemic-stricken $74.1 million to this quarter’s $575.9 million, driven by a doubling of concert revenue to $287 million and ticketing rising from a loss of $87 million to a gain of $44.6 million. Sponsorship and advertising revenue also jumped from $18.4 million to $44.6 million. The revenue increases were enough to narrow the company’s second quarter loss by 78% to $30.4 million and its Adjusted Operating Income from a loss of $431.9 million to a gain of $9.7 million.
Among other highlights, TICKETMASTER NORTH AMERICA reported that JUNE was its fourth best month in history measured by transacted ticket volume.
Pres./CEO MICHAEL RAPINO said in his earnings statement that, “We’re seeing the pent-up demand for live events play out as artists and fans are eager to re-connect in person,” resulting in strong ticket sales and the turnouts for festivals LOLLAPALOOZA, ROLLING LOUD, and LATITUDE. “The momentum for the return to live events has been building every month, with ticket sales and concert attendance pacing faster than expected,” RAPINO wrote, adding that the company’s return to positive adjusted operating income is “well ahead of where we thought we would for this quarter.” He said that LIVE NATION expects over six million fans to turn out for festivals in the second half of 2021 with average ticket prices 10% higher than 2019’s.