LOS ANGELES, July 30, 2024 /PRNewswire/ -- "We continue to see strong demand globally, with a growing variety of shows attracting both casual and diehard fans who are buying tickets at all price points, which speaks to the unique experience only live concerts can provide. Venue Nation's strategic investments in hospitality and infrastructure are driving strong returns as more attendees maximize their onsite experiences. While operating income will be impacted negatively by one-time accruals, we are on track to deliver double-digit AOI growth for the year and look forward to a very busy 2025."  –Michael Rapino, President and CEO, Live Nation Entertainment Quarterly Highlights: No Signs of Concerts Slowdown, Global Fan Demand Fuels Record Q2(versus prior year, reported FX) Revenue up 7% to over $6 billion Operating income up 21% to $466 million Adjusted operating income up 21% to $716 million Record Q2 concerts adjusted operating income margin of 5.4% Fans continue to prioritize concert going and spending onsite: Venue Nation hosted 24 million fans year-to-date, up 10% Revenue from onsite spending at festivals and amphitheaters up double-digits year-to-date 39 million fans globally at Live Nation concerts, up 5% with double-digit growth at Live Nation arenas and amphitheaters 183 million fee-bearing tickets sold year-to-date, up 3% despite reduced stadium activity Onsite sponsorship from operated venues and festivals up 28% year-to-date View how these results compare to past quarters in the 2Q24 Trended Results Grid:https://investors.livenationentertainment.com/financial-information/financial-results  Key Metrics Point to Another Record Year in 2024(based on leading indicators through mid-July vs same period last year) Momentum gains into the summer concerts season: Year-to-date ticket sales for 2024 Live Nation concerts are 118 million, higher than 2023 with double-digit increases for arena, amphitheater, and theater and club shows Confirmed shows for large venues (stadiums, arenas, and amphitheaters) up double-digits Cancellation rates for North America concerts tracking lower than 2023 levels Venue Nation expands fan offerings and enhances hospitality: Venue Nation to host over 60 million fans this year, up 10%+ Live Nation amphitheater average per fan spending on track to grow by approximately $2 per fan Major festivals (over 100k fans) average per fan spending up double-digits year-to-date Plans to open 14 major venues globally in 2024/25, continuing to expand the global market Growing global artist pipeline: New artists touring up 130% year-to-date, with nearly half performing at On The Road Again venues Across top 50 global tours, International artists have attracted 50% more fans year-to-date compared to 2019 Ticketing international expansion continues, setting up for ongoing growth: Approximately 17 million net new enterprise tickets signed year-to-date, with two-thirds from international markets International markets remain a key driver of growth: ticket sales up 15% in Mexico year-to-date, over one million tickets sold in newly launched markets Brazil and Peru, and expansion into South Africa Q4 onsale activity related to 2025 stadium shows expected to be strong, driving 2024 operating income and adjusted operating income growth Sponsorship highlights the unique reach of our global platforms: Nearly all expected sponsorship commitments for the year booked, up double-digits Onsite sponsorship expected to be the primary driver of 2024 growth, leveraging the strength of our venue platform and continued increase in global concert activity Concerts Delivers Record Profitability (Q2 vs same period last year)  Revenue up 8% to approximately $5 billion AOI up 61% to $271 million AOI margin of 5.4%, setting up for margin expansion in 2024 toward pre-pandemic levels Arena and Amphitheater Shows Drive Fan Growth (Q2 vs same period last year) 39 million fans attended approximately 15,000 Live Nation concerts globally, up 5% and 20% respectively: Arena attendance up double-digits globally, led by the U.S. and Latin America Amphitheater attendance up approximately 40% Theater and club attendance up 15% Ongoing Portfolio Enhancements Yield Attractive Returns Almost one-third of our amphitheaters have been refreshed since 2022, delivering an aggregate return of over 30% on 2022/23 projects, including new bar designs, upgraded VIP boxes, and other infrastructure upgrades Northwell at Jones Beach amphitheater opened in June following a significant renovation, and early shows are delivering average per fan revenue growth of $10, with increases across all spend categories including premium hospitality At the newly reopened Brooklyn Paramount, average event contribution margin is 60% higher than initial projections Results Reflect Strong Demand and Venue Mix (Q2 vs same period last year) Revenue up 3% to $731 million AOI in line with last year at $293 million Full-year AOI margin expected to be consistent with last year Despite Reduced Stadium Activity, Metrics Consistent with 2023 Levels (Q2 vs same period last year) Q2 among top five quarters for both transacted and reported ticket sales Approximately 78 million fee-bearing tickets sold, consistent with last year Fee-bearing Gross Transaction Value at $8.4 billion, consistent with last year Sponsorship Growth Leverages Global Venue Platform (Q2 vs same period last year) Revenue up 3% to $312 million AOI up 10% to $223 million Full-year AOI margin expected to be consistent with last year Global Partnerships Position Sponsorship for Ongoing Growth    Expanded relationships with large brand partners including a multi-year, multi-festival partnership with Coca-Cola, an extension with Hulu to be the official streaming destination for three of the biggest festival brands (Bonnaroo, Lollapalooza, and Austin City Limits), and a partnership spanning more than 40 festivals in the U.S. with BeatBox Capital Expenditures to Support Venue Expansion 2024 capital expenditures currently estimated to be $650 million: Three-quarters of total capex driven by Venue Nation: five venues account for approximately 40% of total venue spend Changes to our prior projections are largely due to the pull forward of activity as well as additional venue opportunities, with major openings increasing from 12 to 14 venues over 2024/25 $100 million in committed capital from sponsorship agreements, joint venture partners, and other third parties, reducing cash outflow Balance Sheet and Liquidity Strength Provide Flexibility Year-to-date net cash provided by operating activities of $1.4 billion and free cash flow—adjusted of $635 million Full-year AOI to free cash flow—adjusted conversion expected to be similar to 2023 levels Q2 ended with $6.4 billion in cash and cash equivalents, including $1.3 billion in ticketing client cash, $4.1 billion of event-related deferred revenue, and $1.7 billion in free cash Approximately $380 million of debt paydown year-to-date, representing most of our change in free cash Below the Line Items An additional $94 million in accruals related to the Astroworld litigation, expected to represent remaining settlements, was recognized in Q2 for a total of $280 million this year Accretion of noncontrolling interests expected to grow in line with AOI for the full year Depreciation and amortization expected to be $75 million higher than 2023 Interest and taxes for the full year expected to grow in line with AOI Additional Financial Information Based on current projections, the impact of foreign exchange rates on revenue, operating income, and AOI for the full-year is expected to be immaterial, with a larger impact to net income 2024 share count not expected to change materially from 2023 The company will webcast a teleconference today at 2:00 p.m. Pacific Time to discuss its financial performance, operational matters and potentially other material developments. Interested parties should visit the "News / Events" section of the company's website at investors.livenationentertainment.com to listen to the webcast. Supplemental statistical and financial information to be provided on the call, if any, will be posted to the "Financial Info" section of the website. A replay of the webcast will also be available on the Live Nation website. The link to the 2Q24 Trended Results Grid is provided above for convenience and such grid is not a part of, or incorporated into, this press release or any SEC filings that include this press release. Notice Regarding Financial Statements The company has provided certain financial statements at the end of this press release for reference.  These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set forth in the company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission today and available on the SEC's website at sec.gov. About Live Nation Entertainment:  Live Nation Entertainment, Inc. (NYSE:LYV) is the world's leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship. For additional information, visit investors.livenationentertainment.com.    FINANCIAL HIGHLIGHTS – SECOND QUARTER (unaudited; $ in millions) Q2 2024 Reported Q2 2023Reported Growth Q2 2024 Currency Impacts Q2 2024 Constant Currency Growth at Constant Currency Revenue Concerts $       4,987.0 $       4,633.3 8 % $        25.8 $       5,012.8 8 % Ticketing 730.7 709.3 3 % 3.8 734.5 4 % Sponsorship & Advertising 312.2 302.9 3 % (1.1) 311.1 3 % Other and Eliminations (6.5) (14.8) * 0.0 (6.5) * $       6,023.4 $       5,630.7 7 % $        28.5 $       6,051.9 7 % Consolidated Operating Income $          465.8 $          386.4 21 % $          8.4 $          474.2 23 % Adjusted Operating Income (Loss) Concerts $          270.7 $          168.1 61 % $          7.1 $          277.8 65 % Ticketing 292.5 292.7 — % 1.6 294.1 — % Sponsorship & Advertising 222.6 203.1 10 % (0.5) 222.1 9 % Other and Eliminations (8.2) (18.2) * 0.0 (8.2) * Corporate (61.4) (56.0) (10) % 0.0 (61.4) (10) % $          716.2 $          589.7 21 % $          8.2 $          724.4 23 % * Percentages are not meaningful   FINANCIAL HIGHLIGHTS – SIX MONTHS (unaudited; $ in millions) 6 Months2024 Reported 6 Months 2023 Reported Growth 6 Months 2024 Currency Impacts 6 Months 2024 Constant Currency Growth at Constant Currency Revenue Concerts $       7,866.4 $       6,914.5 14 % $        35.4 $       7,901.8 14 % Ticketing 1,453.9 1,387.1 5 % 3.0 1,456.9 5 % Sponsorship & Advertising 523.5 473.0 11 % (2.5) 521.0 10 % Other and Eliminations (20.9) (16.5) * 0.0 (20.9) * $       9,822.9 $       8,758.1 12 % $        35.9 $       9,858.8 13 % Consolidated Operating Income $          429.3 $          529.1 (19) % $        21.4 $          450.7 (15) % Adjusted Operating Income (Loss) Concerts $          273.8 $          168.9 62 % $        15.7 $          289.5 71 % Ticketing 576.6 563.7 2 % 2.5 579.1 3 %