Live Nation Entertainment (NYSE:LYV) executives said demand for live music remained strong across markets and venue types during the company’s second-quarter 2026 earnings call, with management raising its expectations for full-year fan growth, revenue, adjusted operating income and margin expansion.
President and CEO Michael Rapino said the company has not seen signs of a consumer pullback in concert spending. He said fan counts were up more than 10% across international and U.S. markets, spanning clubs, amphitheaters, arenas and stadiums.
Rapino also pointed to higher on-site spending at the company’s owned and operated venues. Food and beverage sales, liquor sales and premium ticket purchases were all up year over year, he said. Live Nation’s cancellation rate was 1.1%, below its historical average of 1.6%, according to Rapino.
Second-half concert growth expected
President and CFO Joe Berchtold said Live Nation now expects double-digit growth in fan attendance, revenue and adjusted operating income, or AOI, for the full year, followed by margin expansion. The company’s first-half U.S. performance was affected by stadium availability during the second quarter and early third quarter, he said, resulting in more of the anticipated U.S. fan growth occurring later in the year.
Berchtold said the company expects double-digit U.S. fan growth in both the third and fourth quarters, while international fan growth is also expected to remain in the double digits during both periods.
He said deferred revenue gives management confidence in its outlook because tickets for many upcoming events have already been sold. Faster growth in operated venues relative to third-party venues is expected to support margin expansion, he added.
Amphitheaters have been a particular area of strength. Berchtold said attendance at those venues was up by double digits in the first half, with roughly 70% of expected annual growth anticipated in the second half. He described 2026 as the company’s best year yet for amphitheaters.
- On-site spending has increased across food, beverages and premium offerings, according to management.
- Live Nation has introduced lower-cost food and beverage options, as well as new company-developed products.
- New amphitheaters have performed well, particularly in premium categories, Berchtold said.
Ticketmaster outlook and Spotify partnership
Berchtold said Ticketmaster’s second-quarter performance led Live Nation to raise its full-year expectation for Ticketmaster AOI growth to the mid-single digits. He said the ticketing business is benefiting from global concert growth, more events at arenas and stadiums, international expansion and additional venue capacity.
Ticketmaster’s fee-bearing ticket count in the U.S. has increased at a high-single-digit rate so far this year, despite relatively limited additions of new U.S. venues, Berchtold said. He attributed that growth to greater activity and utilization at existing venues.
Internationally, Ticketmaster is expanding in Latin America and Asia-Pacific, where Berchtold said the platform has been able to establish itself as a technology leader. He said Live Nation operates in six Latin American markets and six Asia-Pacific markets.
Management also discussed the company’s Spotify Reserved arrangement, which began in May with a Role Model tour offering. Rapino said Live Nation views Spotify as a distribution and discovery partner rather than a ticketing competitor. Under the arrangement, Spotify compensates Live Nation for access to a limited allocation of presale inventory.
Rapino said the company evaluates such arrangements similarly to its partnerships with companies including Verizon, Citi, Facebook, Snapchat and Groupon. The goal is to expand discovery and reach consumers directly while retaining control of the ticket transaction, he said.
“Our job is to sell every one of them,” Rapino said of tickets, noting that the company seeks distribution partners especially for the majority of shows that do not sell out.
Venue expansion and international opportunities
Live Nation has completed three arena acquisitions during 2026: Impact Arena in Bangkok, Forum di Milano in Milan, and Movistar in Buenos Aires. Berchtold said the company expects to add another four or five venues before the end of 2027.
Between construction projects and acquisitions, Live Nation expects to add capacity for approximately 15 million fans between 2026 and 2027. Acquired venues can generally ramp bookings and fan counts relatively quickly, Berchtold said, while sponsorship gains may take longer depending on existing contracts. Newly built venues typically take about two years after completion to reach full fan-count and sponsorship potential, he said.
Berchtold said the company’s increased capital expenditure in 2024 and 2025 is likely to have its more meaningful impact in 2028, as larger construction projects are completed and mature. Acquisitions are expected to provide a more immediate growth catalyst in 2027.
Rapino highlighted Japan and Latin America as longer-term growth opportunities. He described Japan as a more than $1 billion live-events market where Live Nation currently has a small share, and said the company has found a local partner to support its plans there.
In Latin America, Rapino said the company remains in the “early innings,” particularly in Brazil. Live Nation announced an arena in São Paulo and has disclosed other Latin American arena projects, though Rapino said those facilities remain some time away from operation.
Looking toward 2027, Rapino said the company already has a significant percentage of bookings in place and sees an encouraging early calendar across stadiums, arenas and amphitheaters. Berchtold declined to provide a specific 2027 fan-growth forecast, calling it premature.
About Live Nation Entertainment (NYSE:LYV)
Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company’s core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.
The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry’s largest ticketing platforms.
