Live Nation has posted its eighth consecutive year of record results with revenue rising 11% to $10.8 billion (£8.2bn).
Concert attendance rose 8% to 93 million. Operating income and adjusted operating income were also up year-over-year, while sponsorship and advertising revenue increased by 13%.
"In summary, 2018 was another strong growth year for Live Nation - building our global concerts business and thereby driving growth in our high-margin venue, sponsorship and ticketing businesses," said Live Nation president and CEO Michael Rapino (pictured).
"We continue to see the tremendous power of live events, with strong consumer demand and a robust supply of new and established artists hitting the road from clubs to stadiums. Live is truly a unique entertainment form; it cannot be duplicated and creates lifetime memories that fans are craving more than ever in this experience economy.
"We believe that the live business will continue to have strong growth for years to come as fans globally drive demand, artists are touring more and on-site spending, sponsorship and ticketing all benefit from the concerts flywheel."
We believe that the live business will continue to have strong growth for years to come
The company's Ticketmaster division continued growing its leadership position in ticketing in 2018, with fee-bearing gross transaction value (GTV) up 14%. Ticket sales for concerts in 2019 and confirmed concert events are both up double-digits year-on-year.
"In 2019, I expect us to further extend our global concerts position while enhancing our on-site hospitality business and capturing additional pricing opportunities," said Rapino. "Our sponsorship business will continue driving double-digit growth as more brands look for that direct connection with music fans. And as Ticketmaster continues its transformation to a truly digital ecosystem, it will also benefit from continued growth in concert ticket sales and further expansion of our global footprint.
"We believe that the combination of macro trends and our demonstrated ability to execute are strong indicators of our capability to continue to grow the business for many years to come."