Shares of Live Nation Entertainment rose after hours on Thursday after the concert-venue and ticketing giant reported second-quarter results that beat estimates and forecast “record” results for 2023, with more gains ahead next year.
Shares of Live Nation Entertainment Inc. rose after hours on Thursday after the concert-venue and ticketing giant reported second-quarter results that beat estimates and forecast “record” results for 2023, with more gains ahead next year.
Executives said that more than 117 million tickets were sold so far this year, up 20% from last year. They also said they expected “record” Ticketmaster sales for 2023, and that the company was on track to manage 600 million tickets for the year. “There’s a more diverse pipeline of artists breaking from all corners of the world, and at the same time tours are going to more markets — particularly in Latin America and Asia,” he continued. “This was our strongest second quarter ever, with 2023 on pace to be a record year, and early indicators for 2024 giving us confidence in continued growth.”
In recent months Live Nation has faced greater government scrutiny — including a Justice Department investigation — over its dominance of the live-entertainment business. That scrutiny also comes after ticket demand for Taylor Swift’s “Eras” crashed Ticketmaster and as President Joe Biden tries to crack down on so-called “junk fees.”
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