Beverly Hills-based Live Nation Entertainment Inc. posted strong second-quarter earnings as concertgoers returned in droves despite growing concerns about the delta variant.

The live event promotion company on Aug. 3 reported operating income of $10 million after a loss of $432 million in the previous quarter. Event-related income jumped $650 million to $2.1 billion. Revenue rebounded to $575.9 million, up from $74.1 million in the same period last year.
 
“We expect to have over 6 million fans attend our festivals during the second half of the year, with about two-thirds of our festivals increasing their attendance compared to 2019,” Live Nation Chief Executive Michael Rapino said in a statement.
 
Rapino said average ticket prices were 10% higher than in 2019, and many of the company’s music festivals sold out in “record time.”
 
With fans eager to gather with other concertgoers after more than a year of quarantine, Live Nation-owned Ticketmaster posted its fourth-best month for transacted ticket volume, with 14 million tickets sold for 2022 and 11 million fee-bearing tickets so far in 2021 from new clients.
 
“We’re seeing the pent-up demand for live events play out as artists and fans are eager to reconnect in person,” Rapino said.