Live Nation Entertainment reported record full-year 2025 financial results this week, with annual revenue of $25.2 billion. That's a 9 % increase from the prior year.
Adjusted operating income (AOI) rose 10 % to $2.4 billion, driven by record concert results and strong global fan engagement. Concert-related AOI was up 30%.
Fan attendance increased 5% to 159 million worldwide. The company said it spent nearly $15 billion on shows, reinforcing its dominant role.
Ticketmaster generated $3.1 billion in revenue in 2025, up 3% year-over-year. Total fee-bearing gross ticket value (GTV) increased 6%, fueled by a 9% gain in concert activity.
By mid-day Friday, Live Nation stock was trading up 4%.
2026 Looks Strong For Live Nation
Independents are struggling, but Live Nation says its momentum from strong ticket demand and an expanding global tour pipeline positions it for another record year.
The company projects double-digit growth in 2026, backed by expanding sponsorship commitments, international venue openings, and expected festival demand.
At year-end, Live Nation's deferred revenue stood at $4 billion, with more than 80 % of large-venue shows for 2026 already booked and early ticket sales up sharply.
Also, Ticketmaster reported a record January, with concert gross ticket value up more than 50% year-over-year, driven largely by strong North American onsales. This early surge suggests continued consumer appetite for live events and positions.
"Time To Move On"
Hours after Live Nation reported to Wall Street, it issued a statement saying it was "time to move on" and that "settlement is the best path forward."
Their position, articulated by Dan Wall, Live Nation EVP of Corporate & Regulatory Affairs, was bolstered by a court decision Thursday that narrowed the Department of Justice case against it.
Southern District of New York Judge Arun Subramanian granted Live Nation's motion to dismiss claims its promotion and booking business constitute a monopoly and that Ticketmaster is a consumer-facing monopoly.
"We believe the practical reality is that a breakup of Live Nation/Ticketmaster is now off the table, without Live Nation promotion being tried," according to analyst Brandon Ross of Lightshed.
Other portions of the case will still go to trial, including claims that Ticketmaster is a venue-facing monopoly and challenging Live Nation’s policy of signing amphitheaters exclusively to Live Nation promotions.
In his ruling, Judge Subramanian wrote that “Live Nation’s alleged market power and ‘unremitting’ policy, a reasonable jury could certainly find that artists were coerced into going with Live Nation as their promoter to get into its amphitheaters.”
A pre-trial settlement is also still possible with Live Nation reportedly still in talks with senior Department of Justice officials.
Independents & Senators Cry Foul
Independent venues and promoters fear that the Live Nation’s integration of venues, ticketing, and promotion will eventually eliminate remaining independent competition.
The National Independent Venue Association (NIVA) and allied groups have condemned any backdoor negotiations and lobbying, urging the DOJ to stay the course. Settling, they argue, would subvert the rule of law and deny consumers meaningful competition.
Senators from both sides of the isle including Blackburn (R-TN), Blumenthal (D-CT), Cornyn (R-TX), Klobuchar (D-MN) , Hawley (R-MO), Kennedy (R-LA), Luján (D-NM), and Moreno (R-OH) are also urging the DoJ to continue to trial.
The Witness List
Journalist Dave Brooks shared the witness list, which will now be narrowed to reflect the remaining charges.
In addition to Live Nation executives, listed witnesses include Red Light's Coran Capshaw, Irving Azoff, and Ben Lovett of Mumford & Sons. Also included are AEG, AXS, Spotify, CAA, UTA, Madison Square Garden, StubHub, SeatGeek and Tixr.
