Live Nation delivered accelerated growth in the second quarter, with revenue up 23%, operating income up 76%, adjusted operating income (AOI) up 28%, and free cash flow up 22%.
Each of its core divisions - concerts, advertising and ticketing - contributed to the performance, with revenue and AOI up double digits in each business.
Through mid-July the company sold more than 50 million tickets for concerts that take place this year, 17% ahead of this point last year. As a result, in the second quarter it grew revenue by 26%, operating income by $25 million and AOI by 61% in the concerts business.
Summarising the results, president and CEO Michael Rapino (pictured) wrote: “After our strong performance in the first half of the year, we expect 2016 to be another year of growth and record results for the company. Based on our leading indicators in concerts, sponsorship & advertising, and ticketing, we expect revenue and AOI growth in each of these businesses and overall for Live Nation this year.”
After adding five more countries this quarter, Live Nation now operates in 27 countries worldwide. This quarter it extended its leadership with 14% growth in total global gross transaction value to $5.7 billion. Its ‘secondary product’ delivered gross transaction value growth of over 20% for the ninth consecutive quarter, and it is up 49% year-on-year in the second quarter, tomore than $300 million.