Live Nation Reports Record 2025 Concert Attendance Amid DOJ Lawsuit Dark Cloud

Live Nation reported record fan attendance for 2025, reaching 159 million globally, as revenue surged to $25.2 billion, above analyst expectations.

Attendance was up from 151 million in 2024, and international markets surpassed the U.S. in fan attendance for the first time. Live Nation reported operating income up 52 percent, reaching $1.3 billion for the year.In turn, concerts delivered record results with adjusted operating income of $687 million, up 3 percent.

In the fourth quarter, Live Nation revenue climbed 11.1 percent to $6.31 billion, also beating analyst expectations.

Ticketmaster, which is owned by Live Nation, saw full year revenue of $3.1 billion, up 3 percent, led by concerts, while adjusted operating income was largely flat, as it increased 1 percent to $1.1 billion.

Early 2026 ticket sales are already up double digits to 67 million fans, with more than 80 percent of large venues booked. Of those, Bruno Mars set a single-day ticket sales record, Harry Styles led to 11.5 million pre-sale registrations and BTS sold out a 41-date stadium tour. Additionally, U.S. owned or operated large amphitheater shows are pacing higher than 2025 and in 2024.

“With a deep pipeline of large-scale shows and ticket demand continuing its ascent, we are positioned for another year of double-digit operating income and AOI growth in 2026. Our commitment to being the ultimate partner for artists ensures we are set to compound this double-digit growth for years to come,” Michael Rapino, president and CEO of Live Nation, said in the earnings release.

The record results comes less than a month before Live Nation is set to face trial in New York federal court, after its bid to dismiss the antitrust suit from the Department of Justice was denied.

The lawsuit brought by the Justice Department and 40 state attorneys general accuses Live Nation of using its positions as the nation’s largest concert promoter, ticket seller and venue owner to undermine competition. The suit seeks to break up Live Nation and Ticketmaster as a remedy.

The possibility of a trial has been called into question after assistant attorney general Gail Slater left the DOJ last week amid reported tension over her authority to pursue antitrust cases as large companies were able to strike deals with higher ups at the DOJ. Her departure could lead the case to resolve in an out-of-court settlement, rather than a trial, with a smaller divestiture.