Live Nation posted $4.4 billion in revenue during the second quarter as fan attendance soared to 33.4 million across 12,500 events, the company reported on Thursday.
Through Ticketmaster, Live Nation sold an estimated 139,866 tickets during Q2, an increase from the 111,292 sold in the first quarter, which was the second highest gross transaction volume in the company’s history at the time. Total tickets sold for the year has hit 100 million, which already exceeds Live Nation’s pre-pandemic fan count in 2019.
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The company also reported $318.7 million in operating income during the quarter, a comeback from the $127.3 million loss reported last year.
Concerts accounted for $3.6 billion in revenue, followed by $575.3 million from tickets, according to the company’s Q2 earnings report. During the first quarter, total revenue hit $1.8 billion, with concerts driving the most revenue while simultaneously making the largest dent in operating income.
“The second quarter confirmed that the live entertainment industry is back globally and bigger than ever,” Live Nation CEO Michael Rapino said in announcing the results. “As we prepare for 2023, everywhere globally is open for concerts, and we are actively routing into all markets with the largest artist pipeline we have ever seen at this point in the year.”
Rapino said that fans attending shows in Live Nation’s owned and operated venues reached 14 million during Q2, and the company expects that figure to hit 50 million for the full year.
The executive recently struck a five-year contract extension with Live Nation, keeping him in the CEO role through the end of 2027. Rapino’s salary is $3 million per year, with an annual target cash bonus of $17 million per year and a one-time $6 million signing bonus. Next year, Rapino will also be eligible for an annual grant of restricted shares valued at no less than $10 million, bumping up his total target compensation package to around $30 million, depending on the company’s performance.