Live Nation beats quarterly revenue estimates on resilient concert demand
Live Nation beats quarterly revenue estimates on resilient concert demand July 30 (Reuters) - Ticketmaster-parent Live Nation Entertainment LYV.N beat analysts' estimates for quarterly revenue on Thursday, driven by global demand for live events and concerts across different venue types.
The results underscore that consumer appetite for live music remains resilient even as broader discretionary spending comes under pressure.
Here are some details:
The world's largest concert promoter's second-quarter revenue grew 9% to $7.66 billion, beating analysts' average estimate of $7.56 billion, according to data compiled by LSEG.
Live Nation's earnings came in at $1.05 per share, compared with 41 cents a year ago.
It sold more than 143 million tickets through mid-July as touring activity remained strong for major global artists.
Live Nation saw concert revenue rise 8.32% to $6.44 billion during the second quarter.
(Reporting by Juby Babu in Mexico City; Editing by Shilpi Majumdar)
((Juby.Babu@thomsonreuters.com;))