Live Nation’s revenue grew 11% year over year to a third-quarter record of $8.5 billion, the company announced Tuesday (Nov. 4).
The world’s largest concert promoter and ticketing company continued to benefit from vigorous consumer demand for live music since the touring business came back from the COVID-19 pandemic. Adjusted operating income (AOI) of $1.03 billion was a 14% increase from the prior-year period. Importantly, event-related deferred revenue and Ticketmaster deferred revenue were up 37% and 30%, respectively, suggesting Live Nation is well situated for upcoming quarters.
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“Strong fan demand drove another record quarter, as we continue to attract more fans to more shows globally,” CEO Michael Rapino said in a statement. “With these tailwinds, 2026 is off to a strong start with a double-digit increase in our large venue show pipeline and increased sell-through levels for these shows.”
Foreign exchange had a small impact on reported results. In constant currency, revenue was up 9% (compared to 11% as reported) and AOI was up 12% (compared to 14% as reported).
Within the concerts division, record-high stadium show attendance drove revenue up 11% to $7.3 billion and AOI up 8% to $514 million. Live Nation hosted 51 million fans, and attendance was up by double-digits in all major markets. International markets were led by Europe and Mexico, where attendance growth reached double-digits.
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Fan demand has undergone explosive growth since the COVID-19 pandemic. Live Nation’s third-quarter revenue of $8.5 billion was 38% greater than the $6.15 billion it generated in the same quarter of 2022. That improvement is dwarfed by the 125% revenue growth the company has experienced since the third quarter of 2019, a time before Live Nation acquired a majority stake in Mexican promoter OCESA in 2021.
Within the Venue Nation segment, Live Nation’s division that owns and operates venues worldwide, fan spending through October rose 8% at amphitheaters and 6% at major global festivals. Investments in renovations have helped some venues improve fan spending. For example, onsite fan spending at Jones Beach in New York was up 35% through October, while onsite spending at Estadio GNP in Mexico City tripled in the first ten months of the year.
At Ticketmaster, Live Nation’s ticketing division, revenue climbed 15% to $798 million while its AOI jumped 21% to $286 million. The improvement came from a combination of more ticket sales and higher average ticket prices: In the quarter, fee-bearing tickets rose 4% to 89 million, while fee-bearing gross transaction value (GTV) rose 12%.
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Through the first nine months of 2025, Ticketmaster’s total fee-bearing GTV rose 7% due to a 16% increase in international markets. Primary fee-bearing GTV improved 8% while secondary GTV declined 1% on lower sports activity.
Live Nation’s sponsorships division had record revenue of $443 million, up 13% from the prior-year quarter. With a gross margin percentage of 71%, the highest of the company’s three divisions, sponsorship’s AOI of $313 million, up 14% year over year, bested Ticketmaster on 44% less revenue.
The number of the sponsorships division’s strategic partners rose 14%. New agreements include consumer brands Hollister, Kraft Heinz and Patrón. The division added a multi-year deal with Trips.com in Asia and expanded its partnership with Mastercard to additional markets, including Hong Kong, South Africa and the Middle East.
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Live Nation is on pace for a record-setting 2025. Through the first nine months of the year, revenue is up 8% to $18.89 billion and AOI is up 9% to $2.17 billion. The record-setting third quarter is expected to flow into a strong fourth quarter. Arena, theater and club shows will bring the company to full-year attendance of approximately 160 million, which would be a 6% increase from the 151 million fans it saw in 2024. Live Nation expects to deliver double-digit AOI growth for the full year.
Looking ahead to 2026, the company expects continued growth. In addition to growth in deferred revenue — money received for future events — Live Nation expects a double-digit increase in large venue shows in 2026. Average grosses for 2026 concerts are up double-digits on strong sell-through levels.