Live Nation Entertainment Inc. (NYSE: LVY) reported strong second quarter earnings after close on Wednesday boosting shares up over 9 percent on midday Thursday.
Live Nation has been seeing a good fiscal year as shares have been rising all year long. The company posted strong results, which just adds onto the growth.
The company posted revenue of $2.8 billion, up 29 percent year over year. Operating income rose to $113 million, up 53 percent year over year.
The strong results how that the company the “most scalable and unparalleled live platform” that has drawn in over 550 million fans from over 40 different countries to live events each year.
The company promoted over 7 thousand shows to 24 million fans, an increase of 5.5 million fans year over year. As a result, revenue grew by 34 percent, operating income grew to $38 million, and adjusted operating income grew by 51 percent to $88 million.
Live Nation also reported that concert tickets sold were over 68 million, which is up 22 percent year over year.
“Given the strong performance of our shows to date and the pipeline of shows for the rest of the year, I expect us to grow our fan base to 80 million this year. And with these additional fans I am confident that we will deliver strong growth in our concerts results, providing the flywheel to grow our sponsorship and ticketing businesses.” said President and CEO Michael Rapino in the report.
Other sectors of the company, such as sponsorship and advertising is up 31 percent and Ticketmaster revenue is up 9 percent for the quarter.
Rapino focuses on maximizing revenue and profits for every single show.
“2017 is on track to be another year of growth and record results for the company. Our key indicators for our businesses — concert tickets sold for shows this year, contracted sponsorship, and fee-bearing ticketing GTV — are all pacing double digits ahead of last year and as a result we expect each of our businesses to deliver record revenue, operating income and AOI this year.” said Rapino.