Live Nation Entertainment released positive financial results for the third fiscal quarter and reported revenue up across the board by 11% from the previous year. Revenue increased to $2.50 billion from $2.26 billion, in 2013 and adjusted operating income increased to $258.1 million from $221.2 in the same period in 2013, an increase of 17%.
Live Nation reported a good quarter for concerts as well, with an adjusted operating income of 82.8 million, or 17% over Q3 2013, driven by the strength of the company's promotion of 22 of the top 25 global tours this year including Jay-Z and Beyonce, One Direction and Luke Bryan. As well, the company continued to grow their festival portfolio and reports that they are expecting nearly five million fans across our 65 global festivals in 2014, and 8% increase from 2013.
Live Nation's artist management unit, Artist Nation was also in the black this quarter, posting a revenue increase of 18% over Q3 2013 and an AOI increase of 73% with the company now managing Madonna, Lady Gaga, Alicia Keys, Britney Spears, Miley Cyrus, Nicki Minaj and Lil' Wayne.
Sponsorships and ticketing also saw a strong quarter, with revenue up by 4% and 8% respectively over the previous year after partnerships such as the company's daily live streamed concert deal with Internet search giant Yahoo!.
"We are continuing to build share in concerts and artist management and drive growth in sponsorship and ticketing. The live business continues to have a robust outlook as artists are reliant on touring as their main earnings driver and the best means to engage and connect with their fan base. The ongoing flow of new artists continues to re-energize the business as fans more than ever find the live experience, from club shows to stadiums to festivals, a top entertainment choice and the best and most unique means to celebrate their favorite artist and share the experience with fans, both on-site and online," said Live Nation CEO/President Michael Rapino. - via Celebrity Access