Live Nation Entertainment, Inc (NYSE:LYV) saw its third-quarter 2023 revenue soar 32% to $8.2 billion, boosted by blockbuster tours from Taylor Swift and Beyoncé.
Its earnings per share (EPS) for the period, meanwhile, increased 28% to $1.78.
The analyst consensus forecast was for EPS of $1.27 on $6.99 billion in revenue, according to LSEG.
"Today we delivered our strongest quarter ever and are on pace for a record 2023, driven in good part by the acceleration of structural growth in the live entertainment industry," Live Nation Entertainment CEO Michael Rapino said in a statement.
"With the majority of opportunity still untapped from Milan to Bogotá to Tokyo and beyond, we expect the industry will continue growing in 2024 and for years to come," he added.
The live entertainment company noted it has sold a record 140 million tickets so far in 2023, up 17% from the same period last year and more than the 121 million the company sold in all of 2022.
Its per-fan profitability jumped double-digits, outpacing cost inflation, as fans spent more at the venues, CNBC reported.
As well, Live Nation reported that about half of the expected concerts for next year are booked for large venues, up double-digits from the year before, with artists such as Coldplay, Metallica, Pink, Bruno Mars, Aerosmith, Foo Fighters, Ed Sheeran, and even the Rolling Stones expected to go on tour.
Shares of Live Nation Entertainment rose as much as 6% in Thursday’s after-hours session and have gained 20% year to date.
Contact Sean at sean@proactiveinvestors.com