Live Nation Entertainment Inc has posted a fourth-quarter revenue beat on strong fan demand for live experiences, sending its stock higher in after-hours trading.
For 4Q, the live entertainment company posted revenue of $4.3 billion, well above the consensus expectation of $3.4 billion and up from $2.7 billion in the year-ago quarter.
Live Nation posted adjusted operating income for the quarter of $97.8 million, down 39% from $160.3 million in the comparable quarter in 2021.
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For the full-year 2022, Live Nation’s revenue grew to $16.7 billion, up from $6.3 billion in the previous year.
It posted an adjusted operating income of $1.4 billion for the year, up from $324 million in full-year 2021.
Earnings per share were $0.66, compared to a loss per share of $3.09 in the previous financial year.
During 2022, Live Nation said it had 121 million fans attend shows in 45 countries, up from 35 million fans attending events in the previous year.
Total events in 2022 were 43,644, up from 17,412 in 2021 and 8,117 in 2020.
In a statement accompanying its results, Live Nation said in 2022 fans around the world continued to prioritize their spending on attending live events, particularly concerts.
“Our research consistently tells us that concerts are a top priority for discretionary spending, and one of the last experiences fans will cut back on, and we are seeing this play out in both our results for 2022 and early indicators for 2023,” Live Nation said.
Live Nation shares were up 1.9% at US$78 shortly after the release of its results.
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