Global promoting giant Live Nation has posted record revenue for a sixth successive year.
The company's revenue was up 15% to $8.4 billion ($6.7bn) in 2016, with concert attendance rising 12% to 71 million, according to its full-year figures. Operating income was up 48%, and free cash flow was up 5%, while AOI was up 12% at constant currency.
"We continue to see the tremendous power of live events, with strong global consumer demand," said Live Nation president and CEO Michael Rapino (pictured). "Live is a truly unique entertainment form - it cannot be duplicated. It is elevated, not threatened, by technology and is borderless. Fans around the world can now discover, follow, share and embrace artists, creating greater demand for live shows."
Live Nation added promoting offices in Germany, South Africa, and Israel over the course of the year, expanding its global footprint to 40 countries worldwide. The firm invested $4.4bn to stage 26,000 shows worldwide.
"We believe the live business will continue to have strong growth for years to come as fans globally drive demand, artists are motivated to tour, and technology drives conversion," added Rapino.
"Our growth is continuing into 2017, a further sign of the tremendous fan demand for our concerts and the success of our global growth strategy. Ticket sales are up double digits year-on-year through February 17, driven by sales for arena and stadium shows, and we are confident we will again see strong growth in fan demand across our business this year."
Live Nation's Ticketmaster division, meanwhile, delivered 480m tickets to fans in 28 countries, driving an 11% increase in ticketing revenue, 10% increase in operating income and 6% growth in AOI at constant currency.
