Live Nation Reports Strong Profits Amid Growing Concerns Over Covid

Live Nation is getting back on its feet.

Beverly Hills-based Live Nation Entertainment Inc. posted strong second-quarter earnings as viewers returned in droves despite growing concerns over the delta variant.

The live event promotion company reported an operating profit of $ 10 million on Aug. 3 after losing $ 432 million in the previous quarter. Event-related revenue jumped $ 650 million to $ 2.1 billion. Revenue rebounded to $ 575.9 million from $ 74.1 million in the same period last year.

“We expect more than 6 million fans to attend our festivals in the second half of the year, with around two-thirds of our festivals increasing their attendance compared to 2019,” said CEO of Live Nation, Michael Rapino, in a statement.

Rapino said average ticket prices were 10% higher than in 2019, and many of the company’s music festivals sold out in “record time.”

With fans keen to reunite with other spectators after more than a year in quarantine, Live Nation-owned Ticketmaster posted its fourth best month for ticket volume traded, with 14 million tickets sold for 2022 and 11 million paid tickets so far in 2021. new customers.

“We are seeing the pent-up demand for live events manifest as artists and fans eager to reconnect in person,” said Rapino.

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