(Reuters) -Ticketmaster-parent Live Nation Entertainment beat Wall Street estimates for second-quarter revenue on Thursday, driven by strong demand for concerts.
The results signal continued resilience and growth in the live entertainment industry amid economic uncertainty.
Fans are still willing to spend on live experiences such as concerts and events, helping Live Nation Entertainment — a bellwether for discretionary consumer spending and the health of the global entertainment market.
“Global expansion continues to drive touring growth, with fan attendance hitting new highs and ticket buying strong at every price point from VIP to the back row,” CEO Michael Rapino said in a statement.
“To meet this momentum, we’re expanding our global venue portfolio and investing in the artists who make it all possible.”
The company reported a 16% surge in revenue to $7.01 billion, beating analysts’ average estimate of $6.84 billion, according to data compiled by LSEG.
The majority of its revenue, or about $5.95 billion, came from the concerts business, which consists of merchandise sales and the production of live music events, followed by $742.7 million from ticketing.
Live Nation’s total estimated events in the April-to-June period fell about 2.6% to 14,292 from last year, but 44.2 million fans attended its shows — compared with 22.3 million in the previous quarter.
Total estimated tickets sold in the quarter ended June 30 stood at 155.8 million, compared with 155.1 million in the first quarter.
Live Nation said tariffs are expected to have minimal impact on its venue investment costs, festival supply chain and other expenses.
The company’s quarterly profit came in at 41 cents per share, compared with $1.03 per share a year earlier.
Its adjusted operating income stood at $798 million, compared with estimates of $756.1 million.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Alan Barona)
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