Concerten, Festivals
Live Nation boekt recordomzet in derde kwartaal door aanhoudende vraag naar live evenementen
Live Nation Entertainment heeft in het derde kwartaal van 2025 een recordomzet van 8,5 miljard dollar gerealiseerd, een stijging van 11 procent ten opzichte van dezelfde periode vorig jaar. De operationele winst groeide met 24 procent naar 793 miljoen dollar, terwijl het uitgestelde inkomen – een indicator voor toekomstige verkopen – steeg met 37 procent tot 3,5 miljard dollar.
Het aantal stadionconcerten steeg wereldwijd met 60 procent, waarmee een record werd gevestigd. Tegelijkertijd trok Live Nation bij haar grootste festivals dit jaar 6 procent meer bezoekers dan vorig jaar. Het aantal concerttickets dat in de eerste negen maanden van 2025 werd verkocht steeg met 4 procent – goed voor 150 miljoen tickets – en het bedrijf verwacht dat dat aantal eind dit jaar uitkomt op 160 miljoen.
De vooruitzichten voor 2026 zijn eveneens positief, met al meer dan 26 miljoen verkochte tickets voor evenement in dat jaar.
Forse investeringen in venues
CEO Michael Rapino geeft aan dat de internationale markt dit jaar voor het eerst meer bezoekers zal trekken dan de Amerikaanse markt.
Live Nation investeert daarnaast fors in nieuwe en gerenoveerde locaties, met als doel het marktaandeel verder uit te bouwen, meer banen te creëren en artiesten meer mogelijkheden te bieden hun fans te bereiken. Voor het hele jaar verwacht het bedrijf een tweecijferige groei van zowel de operationele winst als de aangepaste operationele winst (AOI), en rekent op gestage voortzetting van deze groeitrend in de komende jaren.
Besteding per bezoeker hoog
Volgens Live Nation blijft de besteding per bezoeker bij evenementen hoog en tonen indicatoren aan dat de vraag naar live muziek en grote shows wereldwijd sterk blijft, ondanks economische onzekerheden en stijgende ticketprijzen.
| Q3 2025 Reported | Q3 2024 Reported | Change | Q3 2025 Currency Impacts | Q3 2025 at Constant Currency | Change at Constant Currency | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| Concerts | $ 7,282.5 | $ 6,580.6 | 11 % | $ (124.5) | $ 7,158.0 | 9 % | |||||
| Ticketing | 797.6 | 693.7 | 15 % | (7.7) | 789.9 | 14 % | |||||
| Sponsorship & Advertising | 442.7 | 390.3 | 13 % | (8.1) | 434.6 | 11 % | |||||
| Other and Eliminations | (23.7) | (13.5) | * | 0.0 | (23.7) | * | |||||
| $ 8,499.1 | $ 7,651.1 | 11 % | $ (140.3) | $ 8,358.8 | 9 % | ||||||
| Consolidated Operating Income | $ 792.5 | $ 639.5 | 24 % | $ (12.8) | $ 779.7 | 22 % | |||||
| Adjusted Operating Income (Loss) | |||||||||||
| Concerts | $ 514.2 | $ 474.1 | 8 % | $ (6.5) | $ 507.7 | 7 % | |||||
| Ticketing | 285.9 | 235.7 | 21 % | (3.7) | 282.2 | 20 % | |||||
| Sponsorship & Advertising | 313.1 | 275.3 | 14 % | (6.6) | 306.5 | 11 % | |||||
| Other and Eliminations | (6.2) | (7.1) | * | 0.1 | (6.1) | * | |||||
| Corporate | (74.0) | (68.2) | (9) % | 0.0 | (74.0) | (9) % | |||||
| $ 1,033.0 | $ 909.8 | 14 % | $ (16.7) | $ 1,016.3 | 12 % | ||||||
| 9 Months 2025 Reported | 9 Months 2024 Reported | Change | 9 Months 2025 Currency Impacts | 9 Months2025 Constant Currency | Change at Constant Currency | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| Concerts | $ 15,712.9 | $ 14,447.0 | 9 % | $ (106.8) | $ 15,606.1 | 8 % | |||||
| Ticketing | 2,234.9 | 2,147.6 | 4 % | 15.0 | 2,249.9 | 5 % | |||||
| Sponsorship & Advertising | 999.3 | 913.9 | 9 % | 10.7 | 1,010.0 | 11 % | |||||
| Other and Eliminations | (59.2) | (34.5) | * | (0.1) | (59.3) | * | |||||
| $ 18,887.9 | $ 17,474.0 | 8 % | $ (81.2) | $ 18,806.7 | 8 % | ||||||
| Consolidated Operating Income | $ 1,393.9 | $ 1,064.0 | 31 % | $ (2.3) | $ 1,391.6 | 31 % | |||||
| Adjusted Operating Income (Loss) | |||||||||||
| Concerts | $ 879.4 | $ 742.9 | 18 % | $ (16.0) | $ 863.4 | 16 % | |||||
| Ticketing | 829.1 | 812.4 | 2 % | 12.0 | 841.1 | 4 % | |||||
| Sponsorship & Advertising | 676.6 | 627.9 | 8 % | 3.5 | 680.1 | 8 % | |||||
| Other and Eliminations | (18.8) | (22.4) | * | 0.0 | (18.8) | * | |||||
| Corporate | (193.9) | (172.2) | (13) % | 0.0 | (193.9) | (13) % | |||||
| $ 2,172.4 | $ 1,988.6 | 9 % | $ (0.5) | $ 2,171.9 | 9 % | ||||||
| Q3 2025 | Q3 2024 | 9 Months 2025 | 9 Months 2024 | ||
|---|---|---|---|---|---|
| Operating Income | $ 792.5 | $ 639.5 | $ 1,393.9 | $ 1,064.0 | |
| Acquisition expenses | 33.1 | 94.6 | 141.8 | 95.1 | |
| Amortization of non-recoupable ticketing contract advances | 16.5 | 17.0 | 62.0 | 62.2 | |
| Depreciation and amortization | 165.6 | 137.0 | 474.1 | 407.3 | |
| Gain on sale of operating assets | (14.9) | (4.0) | (17.9) | (5.4) | |
| Astroworld estimated loss contingencies | (0.6) | — | (8.4) | 279.9 | |
| Stock-based compensation expense | 40.8 | 25.7 | 126.9 | 85.5 | |
| Adjusted Operating Income | $ 1,033.0 | $ 909.8 | $ 2,172.4 | $ 1,988.6 |
| Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities | |||
|---|---|---|---|
| ($ in millions) | Q3 2025 | Q3 2024 | |
| Net cash used in operating activities | $ (95.7) | $ (720.9) | |
| Changes in operating assets and liabilities (working capital) | 808.3 | 1,443.8 | |
| Changes in accrued liabilities for Astroworld estimated loss contingencies | (0.6) | — | |
| Free cash flow from earnings | $ 712.0 | $ 722.9 | |
| Less: Maintenance capital expenditures | (30.7) | (31.9) | |
| Distributions to noncontrolling interests | (32.0) | (27.9) | |
| Free cash flow — adjusted | $ 649.3 | $ 663.1 | |
| Net cash used in investing activities | $ (340.4) | $ (208.4) | |
| Net cash provided by (used in) financing activities | $ 175.7 | $ (49.5) | |
| ($ in millions) | 9 Months 2025 | 9 Months 2024 | |
|---|---|---|---|
| Net cash provided by operating activities | $ 1,449.0 | $ 680.1 | |
| Changes in operating assets and liabilities (working capital) | 139.5 | 608.6 | |
| Changes in accrued liabilities for Astroworld estimated loss contingencies | (8.4) | 279.9 | |
| Free cash flow from earnings | $ 1,580.1 | $ 1,568.6 | |
| Less: Maintenance capital expenditures | (79.8) | (81.5) | |
| Distributions to noncontrolling interests | (196.8) | (199.8) | |
| Free cash flow — adjusted | $ 1,303.5 | $ 1,287.3 | |
| Net cash used in investing activities | $ (832.8) | $ (642.8) | |
| Net cash used in financing activities | $ (322.8) | $ (692.5) |
| Reconciliation of Free Cash to Cash and Cash Equivalents | |
|---|---|
| ($ in millions) | September 30, 2025 |
| Cash and cash equivalents | $ 6,750.5 |
| Short-term investments | 67.6 |
| Client cash | (2,058.9) |
| Deferred revenue — event-related | (3,545.5) |
| Accrued artist fees | (441.4) |
| Collections on behalf of others | (153.4) |
| Prepaid expenses — event-related | 891.5 |
| Free cash | $ 1,510.4 |
| September 30, 2025 | December 31, 2024 | ||
|---|---|---|---|
| (in thousands) | |||
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | $ 6,750,548 | $ 6,095,424 | |
| Accounts receivable, less allowance of $75,975 and $72,663, respectively | 2,606,747 | 1,747,316 | |
| Prepaid expenses | 1,525,485 | 1,247,184 | |
| Restricted cash | 12,539 | 10,685 | |
| Other current assets | 412,502 | 189,528 | |
| Total current assets | 11,307,821 | 9,290,137 | |
| Property, plant and equipment, net | 3,121,609 | 2,441,872 | |
| Operating lease assets | 1,757,740 | 1,618,033 | |
| Intangible assets | |||
| Definite-lived intangible assets, net | 1,064,105 | 985,812 | |
| Indefinite-lived intangible assets, net | 369,012 | 380,558 | |
| Goodwill | 2,841,716 | 2,620,911 | |
| Long-term advances | 600,365 | 520,482 | |
| Other long-term assets | 1,825,451 | 1,780,966 | |
| Total assets | $ 22,887,819 | $ 19,638,771 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities | |||
| Accounts payable, client accounts | $ 2,418,554 | $ 1,859,678 | |
| Accounts payable | 355,427 | 242,978 | |
| Accrued expenses | 3,803,822 | 3,057,334 | |
| Deferred revenue | 4,064,154 | 3,721,092 | |
| Current portion of long-term debt, net | 1,250,813 | 260,901 | |
| Current portion of operating lease liabilities | 160,458 | 153,406 | |
| Other current liabilities | 222,345 | 62,890 | |
| Total current liabilities | 12,275,573 | 9,358,279 | |
| Long-term debt, net | 6,106,712 | 6,177,168 | |
| Long-term operating lease liabilities | 1,870,718 | 1,680,266 | |
| Other long-term liabilities | 653,289 | 477,763 | |
| Commitments and contingent liabilities | |||
| Redeemable noncontrolling interests | 852,702 | 1,126,302 | |
| Stockholders' equity | |||
| Common stock | 2,326 | 2,313 | |
| Additional paid-in capital | 1,524,648 | 2,059,746 | |
| Accumulated deficit | (839,878) | (1,546,819) | |
| Cost of shares held in treasury | (6,865) | (6,865) | |
| Accumulated other comprehensive loss | (158,891) | (335,112) | |
| Total Live Nation stockholders' equity | 521,340 | 173,263 | |
| Noncontrolling interests | 607,485 | 645,730 | |
| Total equity | 1,128,825 | 818,993 | |
| Total liabilities and equity | $ 22,887,819 | $ 19,638,771 | |
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| (in thousands except share and per share data) | |||||||
| Revenue | $ 8,499,143 | $ 7,651,087 | $ 18,887,901 | $ 17,474,032 | |||
| Operating expenses: | |||||||
| Direct operating expenses | 6,437,700 | 5,780,188 | 13,903,393 | 12,839,737 | |||
| Selling, general and administrative expenses | 1,008,038 | 1,005,418 | 2,790,304 | 2,913,199 | |||
| Depreciation and amortization | 165,600 | 137,001 | 474,080 | 407,324 | |||
| Gain on disposal of operating assets | (14,851) | (3,968) | (17,909) | (5,398) | |||
| Corporate expenses | 110,205 | 92,923 | 344,160 | 255,216 | |||
| Operating income | 792,451 | 639,525 | 1,393,873 | 1,063,954 | |||
| Interest expense | 80,291 | 87,961 | 232,682 | 248,622 | |||
| Interest income | (36,659) | (36,067) | (108,613) | (123,749) | |||
| Equity in losses of nonconsolidated affiliates | 5,209 | 13,987 | 462 | 8,527 | |||
| Other expense (income), net | 13,792 | (12,268) | 53,125 | (110,064) | |||
| Income before income taxes | 729,818 | 585,912 | 1,216,217 | 1,040,618 | |||
| Income tax expense | 251,840 | 70,229 | 389,196 | 191,412 | |||
| Net income | 477,978 | 515,683 | 827,021 | 849,206 | |||
| Net income attributable to noncontrolling interests | 46,520 | 63,878 | 128,949 | 153,906 | |||
| Net income attributable to common stockholders of Live Nation | $ 431,458 | $ 451,805 | $ 698,072 | $ 695,300 | |||
| Basic net income per common share available to common stockholders of Live Nation | $ 0.74 | $ 1.72 | $ 0.83 | $ 2.21 | |||
| Diluted net income per common share available to common stockholders of Live Nation | $ 0.73 | $ 1.66 | $ 0.82 | $ 2.18 | |||
| Weighted average common shares outstanding: | |||||||
| Basic | 232,043,356 | 230,374,307 | 231,706,216 | 229,923,989 | |||
| Diluted | 234,752,332 | 245,319,968 | 234,725,805 | 235,928,752 | |||
| Reconciliation to net income available to common stockholders of Live Nation: | |||||||
| Net income attributable to common stockholders of Live Nation | $ 431,458 | $ 451,805 | $ 698,072 | $ 695,300 | |||
| Accretion of redeemable noncontrolling interests | (259,850) | (54,536) | (505,745) | (186,970) | |||
| Net income available to common stockholders of Live Nation—basic | $ 171,608 | $ 397,269 | $ 192,327 | $ 508,330 | |||
| Convertible debt interest, net of tax | — | 10,790 | — | 6,971 | |||
| Net income available to common stockholders of Live Nation—diluted | $ 171,608 | $ 408,059 | $ 192,327 | $ 515,301 | |||
| Nine Months Ended September 30, | |||
|---|---|---|---|
| 2025 | 2024 | ||
| (in thousands) | |||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $ 827,021 | $ 849,206 | |
| Reconciling items: | |||
| Depreciation | 281,122 | 221,841 | |
| Amortization of definite-lived intangibles | 192,958 | 185,483 | |
| Amortization of non-recoupable ticketing contract advances | 61,971 | 62,237 | |
| Deferred income taxes | 69,419 | (14,059) | |
| Amortization of debt issuance costs and discounts | 13,392 | 13,168 | |
| Stock-based compensation expense | 126,912 | 85,450 | |
| Unrealized changes in fair value of contingent consideration | 17,012 | (22,453) | |
| Equity in losses of nonconsolidated affiliates, net of distributions | 16,525 | 20,586 | |
| Provision for uncollectible accounts receivable | 19,385 | (1,101) | |
| Gain on mark-to-market of investments in nonconsolidated affiliates and crypto assets | (10,341) | (100,048) | |
| Gain on sale of operating and fixed assets | (19,390) | (3,064) | |
| Other, net | (7,424) | (8,554) | |
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
| Increase in accounts receivable | (753,810) | (565,093) | |
| Increase in prepaid expenses and other assets | (401,117) | (341,941) | |
| Increase in accounts payable, accrued expenses and other liabilities | 1,019,909 | 586,960 | |
| Decrease in deferred revenue | (4,498) | (288,566) | |
| Net cash provided by operating activities | 1,449,046 | 680,052 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Advances of notes receivable | (58,543) | (92,895) | |
| Collections of notes receivable | 21,600 | 22,789 | |
| Disposal of operating assets, net of cash sold | 25,232 | 4,829 | |
| Investments made in nonconsolidated affiliates | (29,225) | (34,479) | |
| Purchases of property, plant and equipment | (709,797) | (491,750) | |
| Cash paid for acquisition of right-of-use assets | (20,800) | — | |
| Cash paid for acquisitions, net of cash acquired | (68,334) | (49,456) | |
| Proceeds from sale of intangible assets | 20,040 | — | |
| Other, net | (12,940) | (1,836) | |
| Net cash used in investing activities | (832,767) | (642,798) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from debt, net of debt issuance costs | 948,154 | 2,038 | |
| Payments on debt including extinguishment costs | (110,526) | (384,567) | |
| Contributions from noncontrolling interests | 14,002 | 3,000 | |
| Distributions to noncontrolling interests | (196,799) | (199,834) | |
| Purchases of noncontrolling interests, net | (851,183) | (69,935) | |
| Proceeds from exercise of stock options | 5,054 | 19,342 | |
| Taxes paid for net share settlement of equity awards | (119,666) | (40,873) | |
| Payments for deferred and contingent consideration | (10,984) | (21,581) | |
| Other, net | (832) | (50) | |
| Net cash used in financing activities | (322,780) | (692,460) | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 363,479 | (82,947) | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 656,978 | (738,153) | |
| Cash, cash equivalents and restricted cash at beginning of period | 6,106,109 | 6,238,956 | |
| Cash, cash equivalents and restricted cash at end of period | $ 6,763,087 | $ 5,500,803 | |
Deel dit bericht
Reacties
Er zijn nog geen reacties.
Plaats een reactie
Je moet ingelogd zijn om een reactie te plaatsen.