(Reuters) – Ticketmaster parent Live Nation Entertainment beat market estimates for fourth-quarter revenue on Thursday, helped by strong concert demand during the holiday season.
Shares of the company rose around 4% in extended trading.
Live Nation has experienced a surge in ticket sales and advertising revenue, capitalizing on pent-up demand for live events as consumer spending on leisure activities increases.
The outlook for the company is further bolstered by the announcement of concerts from high-profile artists such as Jennifer Lopez and Sean Paul this year.
The company also flagged that growth for 2024 will be more weighted towards its second and third quarters.
Revenue for the fourth quarter rose 36% to $5.84 billion, beating estimates of $4.79 billion, according to LSEG data.
Total estimated events rose 20% year-over-year to 15,823, while total estimated fans stood at 37.5 million, compared with 52.3 million the previous quarter.
Ticket sales reached an estimated total of 169.4 million for the quarter ended Dec. 31, compared with 155.4 million in the preceding three-month period.
The company’s concert business – which consists of merchandise sales and the production of live music events – generated $4.87 billion, making up the bulk of its overall revenue, followed by $739.8 million from ticketing.
The company reported a larger-than-expected loss per share as it grapples with high costs related to surging concert demand.
On an adjusted basis, it lost $1.25 per share, compared with estimates of a loss of $1.04 per share.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Alan Barona)
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