Live Nation's third-quarter revenue tops $10 billion

What happened

Live Nation Entertainment reported on Thursday 5 November that third-quarter revenue was $10.1 billion, up 19 percent, with operating income of $892 million and net income of $567 million. ^{[1, 2, 6]}

Fan attendance was 61 million, up 19 percent. Fee-bearing tickets, the ones Ticketmaster earns a fee on, reached 98 million, up 10 percent. Event-related deferred revenue, money collected for shows not yet played, was a record $3.8 billion for a third quarter, up 8 percent. ^{[1, 4]}

Why it matters

International markets drove the growth: attendance there was up 29 percent and made up 60 percent of fan growth, the company said. Ticketing revenue was $870 million, up 9 percent. Pollstar wrote that concert resale was lower while sports resale grew, which Live Nation attributes to efforts to constrain scalper sales. ^{[1, 3]}

The antitrust case

The quarterly report describes a case in two parts. The U.S. Department of Justice settled in March, early in the trial, and six more states later settled their claims. ^[2]

The settlement still needs approval from the district judge under the Tunney Act, a federal review of antitrust settlements. The remaining states went to trial, and on Wednesday 15 April a jury found for them on all remaining claims. ^[2]

Live Nation recognized $450 million for the nine months ended 30 September as its best estimate of the loss from the verdict and the settling states. It calls the verdict legally infirm and says that, as needed, it intends to appeal to the Second Circuit. ^[2]

Its motions to overturn the verdict or order a new trial were argued in July and are still pending, the report says. Separately, a Federal Trade Commission suit over ticket pricing and brokers continues after the company's motion to dismiss was denied in September. ^[2]

What settles it next

The quarterly report gives no date for a ruling on the post-trial motions or for the states' remedies phase. Pollstar reported in May that the penalty phase was likely to stretch into 2027 and that Judge Arun Subramanian expected his Tunney Act ruling in September or October. ^{[2, 5]}

As of the report's filing on Thursday 5 November, the settlement is still described as awaiting that approval. The company also said it expects to approach 180 million fans in 2026. ^{[1, 2, 5]}

Who it reaches

Live Nation Entertainment (LYV) is direct: it filed the results and is the defendant in the states' case, the Justice Department settlement and the Federal Trade Commission suit. ^{[1, 2, 6]}