Live Nation: Strong ’24, Spotify presales, DoJ & Growth ahead
Live Nation released its full-year and fourth-quarter 2024 results, showcasing impressive growth with more ahead. As CEO Michael Rapino put it, “2024 was live music’s biggest year yet,” and 2025 is poised to surpass it.
Updated after Live Nation’s earnings call.
Live Nation earned a record $23.1 billion in revenue in 2024. Through mid-February, 2025 stadium shows are up 60% from last year. After a slight dip in sales in Q4 2024, 65 million tickets have been sold across all Live Nation 2025 concerts, a double-digit annual increase.
DoJ Antitrust Lawsuit
The company confirmed that, for now at least, the DoJ anti-trust case against it was moving forward in the courts under the new administration.
“Is there a path towards a resolution with the DOJ that doesn’t lead to the trial?” said Live Nation CFO Joe Berchtold during Thursday’s earnings call. “We’ve said in the last administration, there was really no interest in any discussion on settlement. So, we’re hoping that this DOJ returns to a more traditional approach and is open.”
Spotify Ticket Presales
Rumors that Spotify is hoping to add access to tickets to a planned super-premium tier were confirmed.
Sounding skeptical that artists or Live Nation wanted yet another ticket presale partner, Live Nation CEO Michael Rapino said, “Spotify and Apple and Amazon, they’ve approached us, we’ve talked to them all, about ideas on if they wanted inventory. There’s a cost to that and we would entertain and look at that option if it made sense for us in comparison to other options we have for that presale which is a very valuable asset.”
A Year of Record-Breaking Growth
Live Nation’s 2024 performance highlights:
- Operating Income: $825 million
- Adjusted Operating Income: $2.15 billion
- Concert Adjusted Operating Income: A record $530 million, up a staggering 65% with margins of 2.8%.
- Concert Attendance: 151 million fans across over 50,000 events, a 9% increase in events.
- Sponsorship Adjusted Operating Income: $764 million, a 13% jump.
These figures paint a picture of a thriving industry fueled by passionate fans eager to experience live music with a 4% increase in concert attendance, reaching 151 million fans.
2025 and Beyond
Live Nations projections for 2025 suggest continued growth:
- Stadium Show Pipeline: Up 60% compared to the same period last year.
- Tickets Sold for 2025 Concerts: Double-digit increase, driven by stadium and international shows.
- Year-End Deferred Revenue: $3.3 billion, up 11%.
- Ticketmaster 2025 Tickets: 106 million, a 3% increase, with concerts leading the growth.
- Sponsorship Commitments: 75% of expected 2025 sponsorships already secured, showing double-digit growth.
The substantial increase in the stadium show pipeline and strong early ticket sales for 2025 concerts indicate a strong and sustained demand for live music experiences.
Investing in New Venues
Through 2026, Live Nation plans to add 20 large venues globally, including stadiums in Bogotá and Toronto, along with numerous amphitheaters and theaters. This is projected to bring an additional six to seven million fans to their venues.
Ticketmaster
Ticketmaster, a Live Nation subsidiary, also reported record revenue and adjusted operating income in the fourth quarter, though net revenue growth was minimal.
- Q4 revenue of $841 million, up 14% year-on-year, for full year revenue of $3 billion
- Q4 AOI of $311 million, up 32% year-on-year, for full year AOI of $1.1 billion
- Full-year AOI margin in the high 30s, consistent with prior years
- 23 million net new enterprise tickets signed in 2024, with two-thirds from international markets
Looking Ahead: Continued Growth and Innovation
Live Nation’s financial outlook for 2025 remains positive, with continued focus on venue expansion and enhancing the fan experience. While acknowledging potential impacts from foreign exchange fluctuations, the company expects strong growth driven by stadium show activity.
Bruce Houghton
