Live Nation reports record year in 2013

Increased attendance records and country music are apparently to thank for Live Nation Entertainment’s record year in 2013.

The global promoter giant said it set a new annual revenue record last year with its net income improved by $120 million, its operating income up by $118 million and its revenue up 11% to $6.5 billion.

The promoter set new attendance records; its concert attendance was up 19% in 2013 with Ticketmaster users delivering $17 billion GTV. In North America alone, Live Nation was the exclusive promoter of 21 of the 25 top-grossing tours.

“We increased both attendance and attendance per show at every type of venue, from theaters and clubs to amphitheaters to arenas and stadiums, showing the consistent strength of our business,” Live Nation said in a statement.

The country music genre offered the greatest fan growth, with an increase of 2.3 million fans to nearly 7 million – a 50% increase from 2012.

The promoter believe it is currently on track to beat their 2013 numbers, revealing event-related deferred revenue and concert ticket sales are up compared to the same time frame last year.

“While we had tremendous success building our concert fan base in 2013, we believe there is more runway ahead that will allow us to continue to build share, add festivals to our global portfolio and enter more emerging markets.

“Early indicators show we are off to a strong start, with event-related deferred revenue up 19% year on year to $434 million as of December 31^st, 2013 and concert ticket sales for shows in 2014 up 12% as of February 15^th, 2014 as compared to this time last year.”

Music Week reported Live Nation has purchased a further 50% of Dublin’s O2 Arena, giving it full ownership of London’s award-winning sister venue. The remaining 50% stake was bought for €35m from Nana in a deal signed in the final quarter of 2013. Annual profits are said to be around the $8.25 million mark.