MBW Explains is a series of analytical features in which we explore the context behind major music industry talking points – and suggest what might happen next. Only MBW+ subscribers have unlimited access to these articles. MBW Explains is supported by Reservoir.
Live Nation Entertainment posted revenue of USD $7.0 billion in Q2 2025, up 16% YoY, driven by what CEO Michael Rapino called “fan attendance hitting new highs and ticket buying strong at every price point… from VIP to the back row.”
The bulk of that revenue came from LN’s Concerts (concert promotion) segment, which generated $5.946 billion in Q2, up 19% YoY – representing its highest Q2 revenue on record.
The results marked a strong turnaround from Live Nation’s Q1 2025 performance, when revenue fell 11% to $3.38 billion amid foreign exchange headwinds and reduced non-concert activity.
What makes the company’s Q2 revenue growth especially impressive?
Live Nation actually promoted fewer events overall in the period (vs. Q2 2024), signaling a strategic shift towards larger, higher-value events… outside North America.
SEC filings show that Live Nation’s Concerts division promoted 14,292 events globally in the three months to end of June – down from 14,678 in the same quarter last year.
That decline was due to North America, where the number of quarterly LN music events fell significantly, down to 9,024 in Q2 2025 from 9,990 in Q2 2024 – a decline of 876 shows YoY.
Meanwhile, Live Nation’s volume of international events in Q2 2025 rose to 5,268 from 4,688 in the prior-year quarter (see below).
Source: Live Nation 10Q
Yet despite fewer total shows, global attendance at Live Nation concerts surged 14% YoY to 44.1 million fans in Q2.
The total amount of fans attending Live Nation events in North America was flat at 23.2 million.
But internationally (ex-NA), attendance exploded, up 33% YoY to 20.9 million.
Tellingly, global stadium attendance of Live Nation shows tripled YoY, the firm said – while attendance of international concerts at arenas, specifically, increased 20% YoY.
We can use some of these numbers to show how Live Nation’s ‘bigger is better‘ strategy has unfurled, especially outside North America, over the past year:
Don’t assume this growth is all about higher ticket prices, either.
When constant currency is applied, according to MBW’s analysis of LN earnings data, the average per-fan spend at a Live Nation concert in Q2 2025 was lower than it was in Q2 2024.
In Q2 2025, the average fan at an LN show spent $134.69 (this represents spending across ticket price, food/beverages, parking, VIP, and other ancillary revenue at each concert).
In Q2 2024, the equivalent spend (using constant currency) was over $16 per head higher, at $151.16 per fan.
What does this tell us?
LN’s rapid international expansion strategy – combined with a rise in per-show attendance – means it is accepting a lower average fan spend as a trade-off to dramatically expand its global reach.
Live Nation said that its growth in international concert attendance was “driven by strength across Europe, Asia-Pacific and Latin America”.
Discussing the Q2 results yesterday (August 8), Live Nation President & CEO, Michael Rapino, maintained his outlook that 2025 will be a “historic year for live music”.
Credit: Live Nation/press
“Global expansion continues to drive touring growth, with fan attendance hitting new highs and ticket buying strong at every price point from VIP to the back row.”
Michael Rapino, Live Nation
Said Rapino: “Global expansion continues to drive touring growth, with fan attendance hitting new highs and ticket buying strong at every price point from VIP to the back row. To meet this momentum, we’re expanding our global venue portfolio and investing in the artists who make it all possible.”
On that note: in an investor media release yesterday (August 8), Live Nation said it is investing $15 billion in artist events globally in 2025, making it the “largest financial supporter of the artist community” in the industry.
Added Rapino: “We’re continuing to deliver record revenue and concert ticket sales, and with investments focused on high-growth markets and fan experiences, we’re positioned to grow operating income and adjusted operating income by double-digits this year and for years to come.”
Speaking of investments in high-growth markets… Live Nation recently upped its investment in Mexico’s OCESA in a $646 million deal.
Source: Live Nation investor release
As you can see above, Live Nation operates three main divisions:
(i) its Concerts segment, which promotes and produces live events;
(ii)Ticketmaster, its ticketing platform that sells tickets for both Live Nation shows AND events by other promoters; and
(iii) its Sponsorship & Advertising division.
Q2: Ticketmaster and sponsorship growth
Ticketmaster revenue increased 2% YoY to $743 million in Q2, while gross transaction value (GTV) reached a record Q2 total of $9 billion, up 7% YoY.
Ticketmaster sold over 83 million fee-bearing tickets in the three months, up 4% YoY, with international ticket volume up double-digits.
Secondary ticketing GTV declined mid-single digits YoY due to “increased market-based pricing in concerts and sports”, along with several lower-performing sporting events, said Live Nation.
Concerts ticket volume was up high-single digits YoY, while sports and other content continued to trail 2024 levels.
The company’s sponsorship and advertising segment generated revenue of $341 million, in Q2, up 9% YoY.
Live Nation expanded its brand partner portfolio through new agreements with major consumer brands including Kraft Heinz, Airbnb, and Samsung, as well as a ticket access agreement with United Airlines.
Venue expansion accelerates
Live Nation has continued its venue expansion strategy, opening four amphitheaters across the US and adding one stadium in Canada year-to-date.
The company expects to bring additional venues online in the second half of 2025, with key projects underway in Mexico, Colombia, and Canada.
This expansion forms part of Live Nation’s broader strategy to add 20 large venues to its portfolio through 2026, which it expects will add 6-7 million incremental fans.
Live Nation’s venue development pipeline continues to grow, expecting ten new large venues to open next year – each with fan capacity of 3,000 and above – across the US and international markets.
Recent international expansion includes Live Nation’s first venue in Colombia, the 15,000-seat Arena Cañaveralejo in Cali, operated through partners OCESA and Grupo Páramo.
The company has also made moves into South Africa and Portugal, launching The Dome in Johannesburg and acquiring a majority stake in Lisbon’s MEO Arena.
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