Live Nation Entertainment reported $26.3 billion in trailing-twelve-month revenue, reflecting nearly 11% growth, and said it has sold more than 155 million tickets year-to-date — up 12% from a year earlier.
The data was presented by President and CFO Joe Berchtold at the Goldman Sachs Communacopia + Technology Conference 2026. Berchtold described the broader live-entertainment sector as "still in the early innings" of global expansion, noting that most of what has unfolded over recent decades remains concentrated in the U.S. and Western Europe.
Live Nation tracked toward 175 million fans in 2024, up 12% year-over-year, against a long-term target of 225 million. Its operated fan count has doubled over the past decade to approximately 75 million, with 70% of that growth originating from international markets. International markets now account for roughly 85% of total fan growth.
On the ticketing side, Ticketmaster posted mid-teens adjusted operating-income growth in the second quarter and year-to-date, while targeting mid-single-digit AOI growth for full-year 2024. The concert secondary market represents a mid-single-digit share of Ticketmaster’s gross transaction value. Berchtold characterized secondary trading as "a feature, not a standalone product," emphasizing the importance of maintaining a presence in the space.
Venue Nation is generating more than 20% returns on incremental capital deployed, and sponsorship has compounded at low-to-mid-teens AOI rates over the past decade. Per-capita amphitheater spending has climbed from about $16 to roughly $47-$48 over 12 to 13 years. Ticket prices have risen approximately 20% since 2019, lagging behind inflation of about 30% over the same period.
Live Nation operates 25 arenas globally, up from five a decade ago. Two-thirds of large-venue growth now comes from outside the U.S., and 47 of the top 75 international markets still lack modern arena infrastructure. Latin American venue activity is up 15 times over the past ten years but remains about one-tenth of U.S. levels. Japan operates at roughly 40% of U.S. per-capita activity, with Ticketmaster expected to enter by year-end 2024. Western Europe could grow another 25% on a per-capita basis.
Artist trends also shifted significantly: pre-COVID, only 8% of Live Nation’s top 50 tours featured non-English-speaking artists; today that share stands at 30%. Bad Bunny was cited as the top global touring act post-pandemic, and country music ranks as Brazil’s second-most-popular genre.
On the regulatory front, Berchtold addressed the March settlement with the Justice Department and an April jury verdict. A judge’s review of the DOJ agreement and public-comment period has concluded; the review could wrap in two to three months, with a remedies trial expected in 2027. If appealed, the process could take nine to twelve months or longer and potentially reach the Supreme Court.
Live Nation carries a market capitalization of $39.6 billion and trades at an EBITDA multiple of 27.6 times, with a beta of 1.12.
