Live Nation reported strong Q2 2026 results with double-digit fan growth, record consumer demand, and raised full-year guidance for double-digit revenue and AOI growth. Management highlighted strong performance across segments, particularly in international markets and amphitheaters, and provided updates on venue expansion and digital/Social media partnerships. Raised full-year 2026 outlook: double-digit fan growth, revenue, and AOI with margin expansion.
Live Nation reported strong Q2 2026 results with double-digit fan growth, record consumer demand, and raised full-year guidance for double-digit revenue and AOI growth. Management highlighted strong performance across segments, particularly in international markets and amphitheaters, and provided updates on venue expansion and digital/Social media partnerships. Raised full-year 2026 outlook: double-digit fan growth, revenue, and AOI with margin expansion.
Management repeatedly emphasized record demand, no consumer pullback, and raised expectations for the full year, conveying confidence in continued growth.
Guidance tone
Ticketmaster growth driven by international expansion and fee-bearing ticket count up high single digits; secondary ticketing now below teens of global GTV.
Management is increasing capex from ~$600 million in 2024 to ~$1 billion in 2025. They noted that big builds generally take two to three years to complete and about two years after that to reach full productivity, so the impact of the increased capex is expected to be more of a…
Management discussed using AI in several ways: to unlock long-tail discovery of Ticketmaster inventory, to power coding and development at Ticketmaster, and to integrate AI into the direct fan experience in the app or on-site. They see AI as a great opportunity to improve discovery and help sell unsold tickets.
Consumer demand remains strong with record fan counts and low cancellations. Management repeatedly emphasized record demand, no consumer pullback, and raised expectations for the full year, conveying confidence in continued growth.
Management is increasing capex from ~$600 million in 2024 to ~$1 billion in 2025. They noted that big builds generally take two to three years to complete and about two years after that to reach full productivity, so the impact of the increased capex is expected to be more of a 2028 event. They are augmenting this organic build with acquisitions to drive growth sooner.
Management repeatedly emphasized record demand, no consumer pullback, and raised expectations for the full year, conveying confidence in continued growth.
“we're still growing Ticketmaster's fee-bearing ticket count by high single digits so far this year, heavily off of just more activity, more utilization in those arenas and stadiums.”
“Secondary now on a global GTV basis is below teens. It's low double-digit portion. The concert piece ... is probably 5% of our global GTV.”
“AMS are doing great this year. We've said they're up double digits in terms of the attendance through the first half. We continue to expect it, yes, to be mainly back half, 70% focused in terms of the growth for the year.”
“we're still growing Ticketmaster's fee-bearing ticket count by high single digits ... and then internationally you have a double or triple benefit because you have more shows that we're putting in.”
“So if we buy something this year, next year, it should be pretty up to speed in terms of the Thank you.”
New partnership where Spotify pays for presale ticket access; small allocation, but monetizes Live Nation's inventory and provides distribution for shows that don't sell out.
“If Spotify was willing to compensate us properly for access to some presale tickets, we think it's a great win-win for both sides.”
Okay, and then on the Spotify Reserve deal that you guys announced, I was just curious how you weighed the financial contribution from that deal versus the strategic question of potentially making them the quote good guy or savior in ticketing and potentially furthering their competitive ambitions.
I'll take that. We always look at the balance. We've done it for years. We have a much more open platform than we ever get credit for. The goal has always been, as long as we own the transaction, we'll always look for other discovery signals that can help drive ticket sales. So we've done this with Facebook for years. We've done it with Snapchat. We've done it with Groupon for years, Citi, Verizon. So we always look at opportunities on one, can we get better data, more reach for artists to sell tickets? And then two, I think I said it a year ago, the key in this one, Spotify or Amazon are super fan. A lot of that conversation that went on was making sure that we got compensated for the asset, the presale. So we looked at this just like we look at a Verizon deal or a Citi deal. If Spotify was willing to compensate us properly for access to some presale tickets, we think it's a great win-win for both sides. It's a very small allocation on a global basis, so they're not going to be solving the on-sale problems on an Ariana Grande tour at that scale. No one can solve it. But we had a great rollout with a role model tour, sold a certain allocation towards their dedicated fans. So we think it's a good win-win. We think they've been a great partner. We like working with them on the overall music business. And I think anytime we can find new partners that can help us talk to super fans direct, it helps us in our ongoing quest to find better ways to battle the bots.
Facebook is an established distribution partner for ticket sales; part of Live Nation's broader open-platform strategy.
“We've done this with Facebook for years.”
Okay, and then on the Spotify Reserve deal that you guys announced, I was just curious how you weighed the financial contribution from that deal versus the strategic question of potentially making them the quote good guy or savior in ticketing and potentially furthering their competitive ambitions.
I'll take that. We always look at the balance. We've done it for years. We have a much more open platform than we ever get credit for. The goal has always been, as long as we own the transaction, we'll always look for other discovery signals that can help drive ticket sales. So we've done this with Facebook for years. We've done it with Snapchat. We've done it with Groupon for years, Citi, Verizon. So we always look at opportunities on one, can we get better data, more reach for artists to sell tickets? And then two, I think I said it a year ago, the key in this one, Spotify or Amazon are super fan. A lot of that conversation that went on was making sure that we got compensated for the asset, the presale. So we looked at this just like we look at a Verizon deal or a Citi deal. If Spotify was willing to compensate us properly for access to some presale tickets, we think it's a great win-win for both sides. It's a very small allocation on a global basis, so they're not going to be solving the on-sale problems on an Ariana Grande tour at that scale. No one can solve it. But we had a great rollout with a role model tour, sold a certain allocation towards their dedicated fans. So we think it's a good win-win. We think they've been a great partner. We like working with them on the overall music business. And I think anytime we can find new partners that can help us talk to super fans direct, it helps us in our ongoing quest to find better ways to battle the bots.
Okay, and then on the Spotify Reserve deal that you guys announced, I was just curious how you weighed the financial contribution from that deal versus the strategic question of potentially making them the quote good guy or savior in ticketing and potentially furthering their competitive ambitions.
I'll take that. We always look at the balance. We've done it for years. We have a much more open platform than we ever get credit for. The goal has always been, as long as we own the transaction, we'll always look for other discovery signals that can help drive ticket sales. So we've done this with Facebook for years. We've done it with Snapchat. We've done it with Groupon for years, Citi, Verizon. So we always look at opportunities on one, can we get better data, more reach for artists to sell tickets? And then two, I think I said it a year ago, the key in this one, Spotify or Amazon are super fan. A lot of that conversation that went on was making sure that we got compensated for the asset, the presale. So we looked at this just like we look at a Verizon deal or a Citi deal. If Spotify was willing to compensate us properly for access to some presale tickets, we think it's a great win-win for both sides. It's a very small allocation on a global basis, so they're not going to be solving the on-sale problems on an Ariana Grande tour at that scale. No one can solve it. But we had a great rollout with a role model tour, sold a certain allocation towards their dedicated fans. So we think it's a good win-win. We think they've been a great partner. We like working with them on the overall music business. And I think anytime we can find new partners that can help us talk to super fans direct, it helps us in our ongoing quest to find better ways to battle the bots.
Citi is a partner that pays for presale access as part of Live Nation's distribution strategy.