Live Nation Entertainment, Inc.

livenationentertainment.com

What Do They Do?

Promotes live music events and operates venues, provides ticketing to event organizers, and connects brands with fans through sponsorship and advertising.

How Do They Make Money?

Concerts earns from ticket sales, venue offerings and artist services, with most money collected before or on event day. Ticketing earns service fees when third-party or resale tickets sell, while fees on Live Nation events come with the event; sponsors buy advertising and promotional programs under agreements, with related revenue earned over the agreement term.

revenue

Segment	Share	How money arrives
Concerts Sold outright	83% FY2022: 81%	Sold outright
Ticketing Usage-based	12% FY2022: 13%	Usage-based
Sponsorship and Advertising Recurring	5.3% FY2022: 5.8%	Recurring
Corporate Segment	0.0% FY2022: 0.0%

Who Are Their Customers?

Fans buy tickets through Ticketmaster apps, websites and outlets; venues, promoters and sports organizations contract for ticketing services. Brands buy sponsorship and advertising programs.

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 1 cent into free cash flow.

Operating income, FY2025

5% of revenue

▲ +52% vs FY2024 ($824.5M, 4%)

Net income, FY2025

2% of revenue

▼ −45% vs FY2024 ($896.3M, 4%)

Free cash flow, FY2025

1% of revenue

▼ −69% vs FY2024 ($1.1B, 5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +9%; vs $7B in Q2 FY2025
Net income: ▲ +21%; vs $243.4M in Q2 FY2025

Concerts share of revenue vs 84.9% in Q2 FY2025

Jul 30, 2026 Company maintains full-year double-digit adjusted operating income growth outlook Management said a first-quarter legal accrual will weigh on reported operating income while it remains on track for double-digit adjusted operating income growth this year.

Growing. Revenue grew 4.0x in 4 years, from $6.3B in FY2021 to $25.2B in FY2025, about 42% a year.

Revenue over time

Concerts Ticketing Sponsorship and Advertising Corporate Segment

$50B$25B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Anschutz Entertainment Group, Another Planet Entertainment, CTS Eventim, Jam Productions, I.M.P., Outback Presents, TEG Dainty, Legends Global, Madison Square Garden Entertainment, The Nederlander Organization, Bowery Presents, Tickets.com, AXS, Paciolan, Eventbrite, eTix, SeatGeek, Ticketek, Fever, and StubHub

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