Live Nation Entertainment Inc (NYSE:LYV) stock rose 4.01% (As on November 12, 11:22:38 AM UTC-4, Source: Google Finance) after the company posted mixed result for the third quarter of FY 24. In Q3, overall revenue was weighed down by a 17% YoY drop in ticketing revenue to $693.7 million, and a 6% decline in concerts revenue to $6.58 billion. While the company said concerts delivered “record profitability” in Q3, it acknowledged a 30% decline in stadium attendance. This, however, was offset by a 3% YoY jump in overall concert attendance to 112 million fans in Q3. Live Nation said it recorded “double-digit growth” in attendance at arena and amphitheater shows. Meanwhile, Live Nation’s revenue from sponsorships and advertising grew 6% YoY to $390.3 million. In Q3, the company posted adjusted operating income (AOI) of $909.8 million, up 4% from $871.2 million in the same quarter a year earlier. This was driven by a 39% jump in AOI from its concerts division to $474.1 million. The division’s AOI margin stood at 7.2%, which the company says is “on track to deliver 2024 margins toward pre-pandemic levels.”

Live Nation also recorded a 10% increase in AOI at its sponsorship and advertising division, further offsetting the 33% drop in ticketing AOI to $235.7 million. Venue Nation, the company’s venue operation division, registered double-digit increases in on-site spending per fan, and up 9% at amphitheaters year-to-date. A total of 144 million tickets were sold for 2024 Live Nation concerts through October, up 3% from a year earlier. In September and October alone, tickets sold globally surged 20% YoY.

LYV in the third quarter of FY 24 has reported the adjusted earnings per share of $1.66, beating the analysts’ estimates for the adjusted earnings per share of $1.61. The company had reported the adjusted revenue decline of 6 percent to $7.70 billion in the third quarter of FY 24, missing the analysts’ estimates for revenue of $7.77 billion.

Looking ahead, Venue Nation expects to host about 60 million fans in 2024, up 8% from 2023. Live Nation attributed the forecast to “major enhancements” to its venue portfolio in 2024 including the reopening of Mexico City’s Estadio GNP in the summer, the reopening of New York’s Northwell at Jones Beach amphitheater following a renovation, and the opening of Brooklyn Paramount earlier this year, with its VIP Club generating over 30% of revenue per show. For 2025, Live Nation has already sold more than 20 million tickets, including stadium shows for Coldplay, Rüfüs Du Sol, and Shakira. Rapino expressed optimism about continued growth, citing plans to expand music-focused venues globally.