Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________ 

Form 10-Q

____________________________________ 

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                

Commission File Number 001-32601

____________________________________ 

LIVE NATION ENTERTAINMENT, INC.

(Exact name of registrant as specified in its charter)

____________________________________

Delaware						20-3247759
(State of Incorporation)						(I.R.S. Employer Identification No.)

9348 Civic Center Drive

Beverly Hills, CA 90210

(Address of principal executive offices, including zip code)

[phone]

(Registrant’s telephone number, including area code)

______________________________________________________________ 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $.01 Par Value Per Share

LYV

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     x  Yes    ¨  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

x

Accelerated Filer

¨

Non-accelerated Filer

¨

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐  Yes    x  No

On November 5, 2024, there were 232,353,685 outstanding shares of the registrant’s common stock, $0.01 par value per share, including 1,754,415 shares of unvested restricted stock awards and excluding 408,024 shares held in treasury.

---

LIVE NATION ENTERTAINMENT, INC.

INDEX TO FORM 10-Q

						Page
PART I—FINANCIAL INFORMATION
Item 1.			Financial Statements			2
			Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 20231			2
			Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 20231			3
			Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three and nine months ended September 30, 2024 and 20231			4
			Consolidated Statements of Changes in Equity (Unaudited) for the three and nine months ended September 30, 2024 and 20231			5
			Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 20231			9
			Notes to Consolidated Financial Statements (Unaudited)			10
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			24
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			40
Item 4.			Controls and Procedures			40
PART II—OTHER INFORMATION
Item 1.			Legal Proceedings			41
Item 1A.			Risk Factors			41
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			41
Item 3.			Defaults Upon Senior Securities			41
Item 5.			Other Information			41
Item 6.			Exhibits			42

(1)    Prior period financial statements were restated as further discussed in Part I — Financial Information—Item 1.—Financial Statements—Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements.

GLOSSARY OF KEY TERMS
AOCI			Accumulated other comprehensive income (loss)
AOI			Adjusted operating income (loss)
Company			Live Nation Entertainment, Inc. and subsidiaries
FASB			Financial Accounting Standards Board
GAAP			United States Generally Accepted Accounting Principles
GTV			Gross transaction value
LIBOR			London Inter-Bank Offered Rate
Live Nation			Live Nation Entertainment, Inc. and subsidiaries
SEC			United States Securities and Exchange Commission
SOFR			Secured Overnight Financing Rate
Ticketmaster			Our ticketing business
VIE			Variable interest entities (as defined under GAAP)

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Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

			September 30, 2024						December 31, 2023 As Revised
ASSETS			(in thousands)
Current assets
Cash and cash equivalents			$	5,489,919					$	6,231,866
Accounts receivable, less allowance of $87,122 and $82,350, respectively			2,693,998						2,024,649
Prepaid expenses			1,446,397						1,147,581
Restricted cash			10,884						7,090
Other current assets			133,956						122,163
Total current assets			9,775,154						9,533,349
Property, plant and equipment, net			2,375,868						2,101,463
Operating lease assets			1,642,298						1,606,389
Intangible assets
Definite-lived intangible assets, net			1,047,987						1,161,621
Indefinite-lived intangible assets, net			380,458						377,349
Goodwill			2,670,008						2,691,466
Long-term advances			577,229						623,154
Other long-term assets			1,278,068						934,849
Total assets			$	19,747,070					$	19,029,640
LIABILITIES AND EQUITY
Current liabilities
Accounts payable, client accounts			$	2,081,034					$	1,866,864
Accounts payable			294,765						267,493
Accrued expenses			3,454,183						3,030,812
Deferred revenue			3,034,514						3,398,028
Current portion of long-term debt, net			582,088						1,134,386
Current portion of operating lease liabilities			167,035						158,421
Other current liabilities			66,959						128,430
Total current liabilities			9,680,578						9,984,434
Long-term debt, net			5,672,804						5,459,026
Long-term operating lease liabilities			1,766,897						1,686,091
Other long-term liabilities			673,141						488,159
Commitments and contingent liabilities (see Note 6)
Redeemable noncontrolling interests			1,023,907						859,930
Stockholders' equity
Common stock			2,310						2,298
Additional paid-in capital			2,214,938						2,367,918
Accumulated deficit			(1,747,806)						(2,443,106)
Cost of shares held in treasury			(6,865)						(6,865)
Accumulated other comprehensive income (loss)			(174,611)						27,450
Total Live Nation stockholders' equity			287,966						(52,305)
Noncontrolling interests			641,777						604,305
Total equity			929,743						552,000
Total liabilities and equity			$	19,747,070					$	19,029,640

See Notes to Consolidated Financial Statements

2

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LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
									As Revised												As Revised
			(in thousands except share and per share data)
Revenue			$	7,651,087					$	8,154,563					$	17,474,032					$	16,907,636
Operating expenses:
Direct operating expenses			5,780,188						6,297,883						12,839,737						12,589,606
Selling, general and administrative expenses			1,005,418						974,150						2,913,199						2,533,066
Depreciation and amortization			137,001						130,653						407,324						382,352
Gain on disposal of operating assets			(3,968)						(1,583)						(5,398)						(8,092)
Corporate expenses			92,923						99,802						255,216						244,295
Operating income			639,525						653,658						1,063,954						1,166,409
Interest expense			87,961						86,215						248,622						257,425
Loss on extinguishment of debt			—						—						—						18,366
Interest income			(36,067)						(78,107)						(123,749)						(174,872)
Equity in losses (earnings) of nonconsolidated affiliates			13,987						(5,382)						8,527						(15,047)
Other expense (income), net			(12,268)						19,251						(110,064)						24,235
Income before income taxes			585,912						631,681						1,040,618						1,056,302
Income tax expense			70,229						50,269						191,412						127,070
Net income			515,683						581,412						849,206						929,232
Net income attributable to noncontrolling interests			63,878						59,932						153,906						139,405
Net income attributable to common stockholders of Live Nation			$	451,805					$	521,480					$	695,300					$	789,827
Basic net income per common share available to common stockholders of Live Nation			$	1.72					$	2.01					$	2.21					$	2.70
Diluted net income per common share available to common stockholders of Live Nation			$	1.66					$	1.93					$	2.18					$	2.66
Weighted average common shares outstanding:
Basic			230,374,307						228,787,263						229,923,989						228,497,712
Diluted			245,319,968						244,163,678						235,928,752						235,146,395
Reconciliation to net income available to common stockholders of Live Nation:
Net income attributable to common stockholders of Live Nation			$	451,805					$	521,480					$	695,300					$	789,827
Accretion of redeemable noncontrolling interests			(54,536)						(60,882)						(186,970)						(172,436)
Net income available to common stockholders of Live Nation—basic			$	397,269					$	460,598					$	508,330					$	617,391
Convertible debt interest, net of tax			10,790						10,877						6,971						7,835
Net income available to common stockholders of Live Nation—diluted			$	408,059					$	471,475					$	515,301					$	625,226

See Notes to Consolidated Financial Statements

3

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LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
									As Revised												As Revised
			(in thousands)
Net income			$	515,683					$	581,412					$	849,206					$	929,232
Other comprehensive income, net of tax:
Unrealized gain (loss) on cash flow hedge			(8,062)						6,293						3,320						14,002
Realized gain on cash flow hedge			(4,878)						(4,632)						(14,370)						(12,436)
Foreign currency translation adjustments			(38,915)						(48,672)						(191,011)						100,752
Comprehensive income			463,828						534,401						647,145						1,031,550
Comprehensive income attributable to noncontrolling interests			63,878						59,932						153,906						139,405
Comprehensive income attributable to common stockholders of Live Nation			$	399,950					$	474,469					$	493,239					$	892,145

See Notes to Consolidated Financial Statements

4

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LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

						Live Nation Stockholders’ Equity
						Common Shares Issued						Common Stock						Additional Paid-In Capital						Accumulated Deficit						Cost of Shares Held in Treasury						Accumulated Other Comprehensive Loss						Noncontrolling Interests						Total Equity						Redeemable Noncontrolling Interests
						(in thousands, except share data)																																																(in thousands)
Revised Balances at June 30, 2024						230,711,943						$	2,307					$	2,240,759					$	(2,199,611)					$	(6,865)					$	(122,756)					$	594,240					$	508,074					$	970,574
Non-cash and stock-based compensation						—						—						23,829						—						—						—						—						23,829						—
Common stock issued under stock plans, net of shares withheld for employee taxes						30,770						—						(2,322)						—						—						—						—						(2,322)						—
Exercise of stock options						250,641						3						6,520						—						—						—						—						6,523						—
Acquisitions						—						—						—						—						—						—						17,216						17,216						9,606
Purchases of noncontrolling interests						—						—						(363)						—						—						—						—						(363)						(21,283)
Redeemable noncontrolling interests fair value adjustments						—						—						(53,485)						—						—						—						—						(53,485)						53,549
Contributions received						—						—						—						—						—						—						3,000						3,000						(28)
Cash distributions						—						—						—						—						—						—						(21,827)						(21,827)						(6,099)
Other						—						—						—						—						—						—						4,420						4,420						(1,562)
Comprehensive income (loss):
Net income						—						—						—						451,805						—						—						44,728						496,533						19,150
Unrealized loss on cash flow hedge						—						—						—						—						—						(8,062)						—						(8,062)						—
Realized gain on cash flow hedge						—						—						—						—						—						(4,878)						—						(4,878)						—
Foreign currency translation adjustments						—						—						—						—						—						(38,915)						—						(38,915)						—
Balances at September 30, 2024						230,993,354						$	2,310					$	2,214,938					$	(1,747,806)					$	(6,865)					$	(174,611)					$	641,777					$	929,743					$	1,023,907

See Notes to Consolidated Financial Statements

5

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LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

						Live Nation Stockholders’ Equity
						Common Shares Issued						Common Stock						Additional Paid-In Capital						Accumulated Deficit						Cost of Shares Held in Treasury						Accumulated Other Comprehensive Income (Loss)						Noncontrolling Interests						Total Equity						Redeemable Noncontrolling Interests
						(in thousands, except share data)																																																(in thousands)
Revised Balances at December 31, 2023						229,785,241						$	2,298					$	2,367,918					$	(2,443,106)					$	(6,865)					$	27,450					$	604,305					$	552,000					$	859,930
Non-cash and stock-based compensation						—						—						86,969						—						—						—						—						86,969						—
Common stock issued under stock plans, net of shares withheld for employee taxes						530,107						5						(40,878)						—						—						—						—						(40,873)						—
Exercise of stock options						678,006						7						19,335						—						—						—						—						19,342						—
Acquisitions						—						—						—						—						—						—						54,594						54,594						45,378
Purchases of noncontrolling interests						—						—						(29,692)						—						—						—						(15,264)						(44,956)						(32,296)
Redeemable noncontrolling interests fair value adjustments						—						—						(188,714)						—						—						—						—						(188,714)						189,366
Contributions received						—						—						—						—						—						—						3,000						3,000						—
Cash distributions						—						—												—						—						—						(126,054)						(126,054)						(73,780)
Other						—						—						—						—						—						—						5,182						5,182						(2,583)
Comprehensive income (loss):
Net income						—						—						—						695,300						—						—						116,014						811,314						37,892
Unrealized gain on cash flow hedge						—						—						—						—						—						3,320						—						3,320						—
Realized gain on cash flow hedge						—						—						—						—						—						(14,370)						—						(14,370)						—
Foreign currency translation adjustments						—						—						—						—						—						(191,011)						—						(191,011)						—
Balances at September 30, 2024						230,993,354						$	2,310					$	2,214,938					$	(1,747,806)					$	(6,865)					$	(174,611)					$	641,777					$	929,743					$	1,023,907

See Notes to Consolidated Financial Statements

6

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LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

As Revised

						Live Nation Stockholders’ Equity
						Common Shares Issued						Common Stock						Additional Paid-In Capital						Accumulated Deficit						Cost of Shares Held in Treasury						Accumulated Other Comprehensive Income						Noncontrolling Interests						Total Equity						Redeemable Noncontrolling Interests
						(in thousands, except share data)																																																(in thousands)
Balances at June 30, 2023						229,084,194						$	2,291					$	2,438,660					$	(2,731,652)					$	(6,865)					$	59,253					$	558,806					$	320,493					$	738,329
Non-cash and stock-based compensation						58						—						26,537						—						—						—						—						26,537						—
Common stock issued under stock plans, net of shares withheld for employee taxes						11,905						—						(537)						—						—						—						—						(537)						—
Exercise of stock options						161,225						2						3,342						—						—						—						—						3,344						—
Acquisitions						—						—						—						—						—						—						49,387						49,387						20,411
Purchases of noncontrolling interests						—						—						3,927						—						—						—						—						3,927						(5,498)
Redeemable noncontrolling interests fair value adjustments						—						—						(60,627)						—						—						—						—						(60,627)						60,627
Contributions received						—						—						—						—						—						—						772						772						—
Cash distributions						—						—						—						—						—						—						(13,489)						(13,489)						(2,691)
Other						—						—						—						—						—						—						2,164						2,164						(2,208)
Comprehensive income (loss):
Net income						—						—						—						521,480						—						—						45,578						567,058						14,354
Unrealized gain on cash flow hedge						—						—						—						—						—						6,293						—						6,293						—
Realized gain on cash flow hedge						—						—						—						—						—						(4,632)						—						(4,632)						—
Foreign currency translation adjustments						—						—						—						—						—						(48,672)						—						(48,672)						—
Balances at September 30, 2023						229,257,382						$	2,293					$	2,411,302					$	(2,210,172)					$	(6,865)					$	12,242					$	643,218					$	852,018					$	823,324

See Notes to Consolidated Financial Statements

7

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LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

As Revised

						Live Nation Stockholders’ Equity
						Common Shares Issued						Common Stock						Additional Paid-In Capital						Accumulated Deficit						Cost of Shares Held in Treasury						Accumulated Other Comprehensive Income (Loss)						Noncontrolling Interests						Total Equity						Redeemable Noncontrolling Interests
						(in thousands, except share data)																																																(in thousands)
Balances at December 31, 2022						228,498,102						$	2,285					$	2,698,316					$	(2,999,999)					$	(6,865)					$	(90,076)					$	461,366					$	65,027					$	660,119
Non-cash and stock-based compensation						58						—						81,871						—						—						—						—						81,871						—
Common stock issued under stock plans, net of shares withheld for employee taxes						229,406						2						(9,003)						—						—						—						—						(9,001)						—
Exercise of stock options						373,066						4						8,339						—						—						—						—						8,343						—
Repurchase of 2.5% convertible senior notes due 2023						156,750						2						(27,327)						—						—						—						—						(27,325)						—
Capped call transactions for 3.125% convertible senior notes due 2029						—						—						(75,500)						—						—						—						—						(75,500)						—
Acquisitions						—						—						—						—						—						—						116,630						116,630						46,707
Purchases of noncontrolling interests						—						—						(93,721)						—						—						—						(27,090)						(120,811)						(4,839)
Redeemable noncontrolling interests fair value adjustments						—						—						(171,673)						—						—						—						—						(171,673)						171,673
Contributions received						—						—						—						—						—						—						15,403						15,403						85
Cash distributions						—						—												—						—						—						(88,182)						(88,182)						(65,607)
Other						—						—						—						—						—						—						56,484						56,484						(15,612)
Comprehensive income (loss):
Net income						—						—						—						789,827						—						—						108,607						898,434						30,798
Unrealized gain on cash flow hedge						—						—						—						—						—						14,002						—						14,002						—
Realized gain on cash flow hedge						—						—						—						—						—						(12,436)						—						(12,436)						—
Foreign currency translation adjustments						—						—						—						—						—						100,752						—						100,752						—
Balances at September 30, 2023						229,257,382						$	2,293					$	2,411,302					$	(2,210,172)					$	(6,865)					$	12,242					$	643,218					$	852,018					$	823,324

See Notes to Consolidated Financial Statements

8

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LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

			Nine Months Ended September 30,
			2024						2023
									As Revised
			(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	849,206					$	929,232
Reconciling items:
Depreciation			221,841						193,654
Amortization of definite-lived intangibles and indefinite-lived intangibles impairment loss			185,483						188,698
Amortization of non-recoupable ticketing contract advances			62,237						58,518
Deferred income tax benefit			(14,059)						(10,419)
Amortization of debt issuance costs and discounts			13,168						13,707
Loss on extinguishment of debt			—						18,366
Stock-based compensation expense			85,450						85,905
Unrealized changes in fair value of contingent consideration			(22,453)						42,092
Equity in losses of nonconsolidated affiliates, net of distributions			20,586						7,013
Provision for uncollectible accounts receivable			(1,101)						35,707
Gain on mark-to-market of investments in nonconsolidated affiliates			(100,048)						(46,720)
Other, net			(11,618)						(12,249)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable			(565,093)						(1,030,453)
Increase in prepaid expenses and other assets			(341,941)						(479,434)
Increase in accounts payable, accrued expenses and other liabilities			586,960						903,597
Decrease in deferred revenue			(288,566)						(142,593)
Net cash provided by operating activities			680,052						754,621
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable			(92,895)						(129,532)
Collections of notes receivable			22,789						9,550
Investments made in nonconsolidated affiliates			(34,479)						(45,439)
Purchases of property, plant and equipment			(491,750)						(304,882)
Cash acquired from (paid for) acquisitions, net of cash paid (acquired)			(49,456)						29,151
Purchases of intangible assets			(8,390)						(36,653)
Other, net			11,383						13,841
Net cash used in investing activities			(642,798)						(463,964)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs			2,038						988,310
Payments on long-term debt			(384,567)						(625,659)
Contributions from noncontrolling interests			3,000						15,488
Distributions to noncontrolling interests			(199,834)						(153,789)
Purchases of noncontrolling interests, net			(69,935)						(89,819)
Payments for capped call transactions			—						(75,500)
Proceeds from exercise of stock options			19,342						8,343
Taxes paid for net share settlement of equity awards			(40,873)						(9,001)
Payments for deferred and contingent consideration			(21,581)						(13,690)
Other, net			(50)						249
Net cash provided by (used in) financing activities			(692,460)						44,932
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(82,947)						(421)
Net increase (decrease) in cash, cash equivalents and restricted cash			(738,153)						335,168
Cash, cash equivalents and restricted cash at beginning of period			6,238,956						5,620,194
Cash, cash equivalents and restricted cash at end of period			$	5,500,803					$	5,955,362

See Notes to Consolidated Financial Statements

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LIVE NATION ENTERTAINMENT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1—BASIS OF PRESENTATION AND OTHER INFORMATION

Preparation of Interim Financial Statements

The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, they include all normal and recurring accruals and adjustments necessary to present fairly the results of the interim periods shown. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K filed with the SEC on February 22, 2024.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals, acquisition accounting and impairments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Seasonality

Our Concerts and Sponsorship & Advertising segments typically experience higher revenue and operating income in the second and third quarters as our outdoor venue concerts and festivals primarily occur from May through October in most major markets. Our Ticketing segment revenue is impacted by fluctuations in the availability and timing of events for sale to the public, which vary depending upon scheduling by our clients.

Cash flows from our Concerts segment typically have a slightly different seasonality as partial payments are often made for artist performance fees and production costs for tours in advance of the date the related event tickets go on sale. These artist fees and production costs are expensed when the event occurs. Once tickets for an event go on sale, we generally begin to receive payments from ticket sales in advance of when the event occurs. In the United States, this cash is largely associated with events in our operated venues, notably amphitheaters, festivals, theaters and clubs. Internationally, this cash is from a combination of both events in our owned or operated venues, as well as events in third-party venues associated with our promoter’s share of tickets in allocation markets. We record these ticket sales as revenue when the event occurs. Our seasonality also results in higher balances in cash and cash equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at different times in the year.

We expect our seasonality trends to evolve as we continue to expand our global operations.

Variable Interest Entities

In the normal course of business, we enter into joint ventures or make investments in companies that will allow us to expand our core business and enter new markets. In certain instances, such ventures or investments may be considered a VIE because the equity at risk is insufficient to permit it to carry on its activities without additional financial support from its equity owners. In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct activities that most significantly impact the economic performance of the entity and have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The activities we believe most significantly impact the economic performance of our VIEs include the unilateral ability to approve the annual budget, to terminate key management and to approve entering into agreements with artists, among others. We have certain rights and obligations related to our involvement in the VIEs, including the requirement to provide operational cash flow funding.

As of September 30, 2024 and December 31, 2023, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $855 million and $940 million of assets and $580 million and $592 million of liabilities, respectively, related to VIEs included in our balance sheets. None of our VIEs are significant on an individual basis.

Cash and Cash Equivalents

Included in the September 30, 2024 and December 31, 2023 cash and cash equivalents balance is $1.6 billion and $1.5 billion, respectively, of cash received that includes the face value of tickets sold on behalf of our ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to our clients on a regular basis. These amounts due to our clients are included in accounts payable, client accounts.

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Income Taxes

Each reporting period, we evaluate the realizability of our deferred tax assets in each tax jurisdiction. As of September 30, 2024, we continued to maintain a full valuation allowance against our net deferred tax assets in certain jurisdictions, including the United States, due to cumulative pre-tax losses. As a result of the valuation allowances, no tax benefits have been recognized for any losses incurred in those tax jurisdictions for the first nine months of 2024.

Accounting Pronouncements

In June 2022, the FASB issued Accounting Standards Update 2022-03, which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. We adopted this guidance on January 1, 2024. The adoption did not and is not expected to have a material impact on our consolidated financial statements.

In November 2023, the FASB issued Accounting Standards Update 2023-07, which expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss. This guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance.

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NOTE 2—LONG-LIVED ASSETS, INTANGIBLES, AND GOODWILL

Property, Plant and Equipment, Net

Property, plant and equipment includes expenditures for the construction of new venues, major renovations to existing buildings or buildings that are being added to our venue network, the development of new ticketing tools and technology enhancements along with the renewal and improvement of existing venues and technology systems, web development and administrative offices.

Property, plant and equipment, net, consisted of the following:

						September 30, 2024						December 31, 2023
						(in thousands)
Land, buildings and improvements						$	2,243,158					$	2,043,595
Computer equipment and capitalized software						926,193						888,065
Furniture and other equipment						744,635						646,966
Construction in progress						399,353						317,028
Property, plant and equipment, gross						4,313,339						3,895,654
Less: accumulated depreciation						1,937,471						1,794,191
Property, plant and equipment, net						$	2,375,868					$	2,101,463

Definite-lived Intangible Assets

The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the nine months ended September 30, 2024:

			Revenue- generating contracts						Client / vendor relationships						Venue management						Trademarks and naming rights												Technology and Other (1)						Total
			(in thousands)
Balance as of December 31, 2023:
Gross carrying amount			$	925,257					$	583,436					$	226,788					$	183,493											$	20,220					$	1,939,194
Accumulated amortization			(336,625)						(251,649)						(79,218)						(104,036)												(6,045)						(777,573)
Net			588,632						331,787						147,570						79,457												14,175						1,161,621
Gross carrying amount:
Acquisitions and additions—current year			68,453						48,937						1,256						3,000												7,939						129,585
Acquisitions and additions—prior year			826						4,066						453						(2)												—						5,343
Foreign exchange			(58,063)						(16,985)						(2,191)						(8,810)												(94)						(86,143)
Other (2)			(15,575)						(20,132)						(23,930)						(3,213)												(823)						(63,673)
Net change			(4,359)						15,886						(24,412)						(9,025)												7,022						(14,888)
Accumulated amortization:
Amortization			(82,677)						(64,266)						(17,887)						(13,585)												(6,535)						(184,950)
Foreign exchange			15,438						4,612						107						2,521												(12)						22,666
Other (2)			15,575						20,132						24,032						2,863												936						63,538
Net change			(51,664)						(39,522)						6,252						(8,201)												(5,611)						(98,746)
Balance as of September 30, 2024:
Gross carrying amount			920,898						599,322						202,376						174,468												27,242						1,924,306
Accumulated amortization			(388,289)						(291,171)						(72,966)						(112,237)												(11,656)						(876,319)
Net			$	532,609					$	308,151					$	129,410					$	62,231											$	15,586					$	1,047,987

(1) Other primarily includes intangible assets for non-compete agreements.

(2) Other primarily includes netdowns of fully amortized or impaired assets.

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Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisitions of a festival promotion business, an artist management business and a concert promotion company, all located in the United States.

The 2024 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows:

			Weighted- Average Life (years)
Revenue-generating contracts			9
Client/vendor relationships			5
Trademarks and naming rights			10
Venue management			3
Technology			3
All categories			7

Amortization of definite-lived intangible assets for the three months ended September 30, 2024 and 2023 was $61.3 million and $63.4 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $185.0 million and $176.1 million, respectively. As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary.

Goodwill

The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the nine months ended September 30, 2024:

			Concerts						Ticketing						Sponsorship & Advertising									Total
			(in thousands)
Balance as of December 31, 2023:
Goodwill			$	1,439,579					$	1,012,530					$	674,720								$	3,126,829
Accumulated impairment losses			(435,363)						—						—									(435,363)
Net			1,004,216						1,012,530						674,720									2,691,466
Acquisitions—current year			25,797						507						1,015									27,319
Acquisitions—prior year			4,136						—						—									4,136
Foreign exchange			911						(31,056)						(22,768)									(52,913)
Balance as of September 30, 2024:
Goodwill			1,470,423						981,981						652,967									3,105,371
Accumulated impairment losses			(435,363)						—						—									(435,363)
Net			$	1,035,060					$	981,981					$	652,967								$	2,670,008

Included in the current year acquisitions amounts above are goodwill primarily associated with the acquisitions of a festival promotion business, an artist management business and a concert promotion company, all located in the United States.

We are in various stages of finalizing our acquisition accounting for recent acquisitions, which may include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including goodwill and our allocation between segments.

Investments in Nonconsolidated Affiliates

At September 30, 2024 and December 31, 2023, we had investments in nonconsolidated affiliates of $514.9 million and $447.5 million, respectively, included in other long-term assets on our consolidated balance sheets.

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NOTE 3—LEASES

The significant components of operating lease expense are as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in thousands)
Operating lease expense			$	64,543					$	63,954					$	197,051					$	206,282
Variable and short-term lease expense			74,936						85,148						148,848						157,453
Sublease income			(1,447)						(1,865)						(4,560)						(6,477)
Net lease expense			$	138,032					$	147,237					$	341,339					$	357,258

Many of our leases contain contingent rent obligations based on revenue, tickets sold or other variables. Contingent rent obligations, including those related to subsequent changes in the prevailing index or market rate after lease inception, are not included in the initial measurement of the lease asset or liability and are recorded as rent expense in the period that the contingency is resolved.

Supplemental cash flow information for our operating leases is as follows:

			Nine Months Ended September 30,
			2024						2023
			(in thousands)
Cash paid for amounts included in the measurement of lease liabilities			$	212,983					$	195,945
Lease assets obtained in exchange for lease obligations, net of terminations			$	200,039					$	148,960

As of September 30, 2024, we have additional operating leases that have not yet commenced, with total lease payments of $207.0 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from October 2024 to June 2030 with lease terms ranging from 3 to 28 years.

NOTE 4—LONG-TERM DEBT

Long-term debt, which includes finance leases, consisted of the following:

															September 30, 2024						December 31, 2023
															(in thousands)
Senior Secured Credit Facility:
									Term loan B						$	830,348					$	836,903
									Revolving credit facility						—						370,000
6.5% Senior Secured Notes due 2027															1,200,000						1,200,000
3.75% Senior Secured Notes due 2028															500,000						500,000
4.875% Senior Notes due 2024															575,000						575,000
5.625% Senior Notes due 2026															300,000						300,000
4.75% Senior Notes due 2027															950,000						950,000
2.0% Convertible Senior Notes due 2025															400,000						400,000
3.125% Convertible Senior Notes due 2029															1,000,000						1,000,000
Other debt															538,824						511,210
Total principal amount															6,294,172						6,643,113
									Less: unamortized discounts and debt issuance costs						(39,280)						(49,701)
Total debt, net of unamortized discounts and debt issuance costs															6,254,892						6,593,412
									Less: current portion						582,088						1,134,386
Total long-term debt, net															$	5,672,804					$	5,459,026

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Future maturities of debt at September 30, 2024 are as follows:

			(in thousands)
Remainder of 2024			$	550,365
2025			56,977
2026			1,398,179
2027			2,153,854
2028			2,091,490
Thereafter			43,307
Total			$	6,294,172

All debt without a stated maturity date is considered current and is reflected as maturing in the earliest period shown in the table above. See Note 5 – Fair Value Measurements for discussion of the fair value measurement of our debt.

Other Debt

As of September 30, 2024, other debt includes $275.0 million for a note due in 2026 related to an acquisition of a venue in the United States during the first quarter of 2023 and $129.2 million for a Euro-denominated note due in 2024 related to a venue located in Europe.

Subsequent Event

On October 31, 2024, we drew down $585 million from our senior secured revolving credit facility, and on November 1, 2024, we used these funds to repay the $575 million principal amount plus accrued interest on our 4.875% senior notes. As a result of this drawdown, the 4.875% senior notes were classified as long-term debt as of September 30, 2024 due to utilizing our revolving credit facility for the payment which has a maturity date in 2029, as amended below.

On November 5, 2024, we amended our senior secured credit facility and entered into Amendment No. 12 (the “Amendment”) to our Credit Agreement, dated as of May 6, 2010 (as amended, restated, supplemented or modified prior to Amendment No. 12, the “Credit Agreement” and as amended by Amendment No. 12, the “Amended Credit Agreement”). The Amendment added a venue expansion revolving credit facility of $400 million, which resulted in a total available borrowing capacity of $1.7 billion.

The Amended Credit Agreement contains a financial covenant that requires the Company to maintain a maximum ratio of consolidated net debt to consolidated EBITDA (both as defined in the Amended Credit Agreement) that ranges from 6.75x to 5.25x, with the first step down of 0.50x occurring on March 31, 2026 and additional step downs of 0.50x occurring annually thereafter.

The new revolving credit facility matures on November 5, 2029, provided, that if (x) any of the term B loans, the Company’s 2027 senior secured notes, or the Company’s 2027 senior unsecured notes remain outstanding on the date that is ninety-one days prior to the stated maturity thereof in an aggregate principal amount in excess of $500.0 million and (y) the Company’s consolidated free cash on such date is less than the sum of such outstanding principal amount plus $500.0 million, then the maturity date of the new revolving credit facility will instead be such date.

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NOTE 5—FAIR VALUE MEASUREMENTS

Recurring

The following table shows the fair value of our significant financial assets that are required to be measured at fair value on a recurring basis, which are classified on the consolidated balance sheets as cash and cash equivalents.

			Estimated Fair Value
			September 30, 2024																		December 31, 2023
			Level 1						Level 2						Total						Level 1						Level 2						Total
			(in thousands)
Assets:
Cash equivalents			$	597,215					$	—					$	597,215					$	580,126					$	—					$	580,126
Interest rate swaps			$	—					$	23,109					$	23,109					$	—					$	39,232					$	39,232

Cash equivalents consist of money market funds. Fair values for cash equivalents are based on quoted prices in an active market. The fair value for our interest rate swaps are based upon inputs corroborated by observable market data with similar tenors.

Our outstanding debt held by third-party financial institutions is carried at cost, adjusted for any discounts or debt issuance costs. Our debt is not publicly traded and the carrying amounts typically approximate fair value for debt that accrues interest at a variable rate, which are considered to be Level 2 inputs as defined in the FASB guidance.

The following table presents the estimated fair values of our senior secured notes, senior notes and convertible senior notes:

			Estimated Fair Value at
			September 30, 2024						December 31, 2023
			Level 2
			(in thousands)
6.5% Senior Secured Notes due 2027			$	1,224,780					$	1,222,608
3.75% Senior Secured Notes due 2028			$	481,570					$	469,515
4.875% Senior Notes due 2024			$	574,402					$	570,412
5.625% Senior Notes due 2026			$	299,790					$	297,606
4.75% Senior Notes due 2027			$	937,432					$	913,653
2.0% Convertible Senior Notes due 2025			$	435,424					$	423,668
3.125% Convertible Senior Notes due 2029			$	1,230,620					$	1,136,160

The estimated fair value of our third-party fixed-rate debt is based on quoted market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs.

Non-recurring

For the nine months ended September 30, 2024, we recorded a gain related to an investment in a nonconsolidated affiliate of $31.8 million, as well as, a gain related to a warrant in a nonconsolidated affiliate of $38.5 million, as a component of other income, net. To calculate the gain on the investment, we remeasured the investment to fair value of $142.2 million using an observable price from orderly transactions for a similar investment of the same issuer. We remeasured the warrant to fair value of $62.2 million using an option pricing model.

For the nine months ended September 30, 2024, we also recorded a gain related to an investment in a nonconsolidated affiliate of $24.4 million, as a component of other income, net. The gain was related to the acquisition of a controlling interest in a concert business, which was previously accounted for as an equity-method investment. To calculate the gain, we remeasured the investment to fair value of $35.9 million using the income approach method.

The key inputs in these fair value measurements include a future cash flow projection, including revenue, profit margins, and adjustment related to discount for lack of marketability. The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs.

For the nine months ended September 30, 2023, there were no significant non-recurring fair value measurements.

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NOTE 6—COMMITMENTS AND CONTINGENT LIABILITIES

Litigation

Astroworld Litigation

On November 5, 2021, the Astroworld music festival was held in Houston, Texas. During the course of the festival, ten members of the audience sustained fatal injuries and others suffered non-fatal injuries. Following these events, at least 450 civil lawsuits have been filed against Live Nation Entertainment, Inc. and related entities, asserting insufficient crowd control and other theories, seeking compensatory and punitive damages. Pursuant to a February 2022 order of the state Multidistrict Litigation Panel, matter 21-1033, the civil cases have been assigned to Judge Kristen Hawkins of the 11th District Court of Harris County, Texas, for oversight of pretrial matters under Texas’s rules governing multidistrict litigation.

During the nine months ended September 30, 2024, all remaining wrongful death lawsuits were settled, and we began settlement discussions in earnest with certain remaining parties with injury claims. As a result, we have recognized $280 million for the nine months ended September 30, 2024 within selling, general and administrative expenses for the estimated probable losses in excess of our expected insurance recoveries. The amounts recorded as of September 30, 2024 represent our best estimate of the ultimate loss associated with all remaining lawsuits and claims.

Our assessment of loss, which resulted from a complex series of judgments about future events and uncertainties, is based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions or recognize additional losses.

Department of Justice Complaint

In May 2024, the United States Department of Justice, Antitrust Division, together with the attorneys general of twenty-nine states plus the District of Columbia, filed a civil antitrust complaint (the “Complaint”) against Live Nation Entertainment, Inc. and Ticketmaster in the United States District Court for the Southern District of New York alleging violations of various federal and state laws pertaining to antitrust, competition, unlawful or unfair business practices, restraint of trade, and other causes of action. The Complaint requests various forms of relief for the alleged violations, including without limitation the divestiture of Ticketmaster by the Company, cancellation of certain ticketing contracts, enjoining the Company from engaging in anticompetitive practices, and other forms of relief. Certain states also seek unspecified damages for their citizens. The Company believes it has substantial defenses to the lawsuit and will vigorously defend itself.

The United States filed an Amended Complaint in August 2024, adding ten additional states as plaintiffs but not otherwise materially amending the claims asserted in the lawsuit. The Company filed a motion to dismiss certain claims in the Amended Complaint in September 2024.

Antitrust Litigation

The Company is a defendant in three putative antitrust consumer class actions alleging violations of federal and state antitrust laws, among other causes of action. In Heckman, et al. v. Live Nation Entertainment, et al., filed in the Central District of California in January 2022, the District Court denied defendants’ motion to compel arbitration in August 2023. The Ninth Circuit subsequently affirmed the District Court’s ruling in October 2024. The Company believes it has substantial defenses to the claims alleged in the lawsuit and will continue to vigorously defend itself.

Two other putative class actions were filed in the Southern District of New York in August and September 2024: In Re Live Nation Entertainment, Inc. and Ticketmaster L.L.C. Antitrust Litigation, and Jacobson v. Live Nation Entertainment, Inc., et al. While these lawsuits are at their initial stages, the Company believes it has substantial defenses to the claims alleged therein and will vigorously defend itself.

Other Litigation

From time to time, we are involved in other legal proceedings arising in the ordinary course of our business, including proceedings and claims based upon purported violations of antitrust laws, intellectual property rights and tortious interference, which could cause us to incur significant expenses. We have also been the subject of personal injury and wrongful death claims relating to accidents at our venues in connection with our operations. As required, we have accrued our estimate of the probable settlement or other losses for the resolution of any outstanding claims. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, including, in some cases, estimated redemption rates for the settlement offered, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in our assumptions or the effectiveness of our strategies related to these proceedings.

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NOTE 7—EQUITY

Accumulated Other Comprehensive Income (Loss)

The following table presents changes in the components of AOCI, net of taxes, for the nine months ended September 30, 2024:

			Cash Flow Hedge						Foreign Currency Items						Total
			(in thousands)
Balance at December 31, 2023			$	29,350					$	(1,900)					$	27,450
Other comprehensive income (loss) before reclassifications			3,320						(191,011)						(187,691)
Amount reclassified from AOCI			(14,370)						—						(14,370)
Net other comprehensive loss			(11,050)						(191,011)						(202,061)
Balance at September 30, 2024			$	18,300					$	(192,911)					$	(174,611)

Earnings Per Share

Basic net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. The calculation of diluted net income (loss) per common share includes the effects of the assumed exercise of any outstanding stock options, the assumed vesting of shares of restricted and deferred stock awards and the assumed conversion of our convertible senior notes, where dilutive.

The following table sets forth the computation of weighted average common shares outstanding:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Weighted average common shares—basic			230,374,307						228,787,263						229,923,989						228,497,712
Effect of dilutive securities:
Stock options and restricted stock			1,941,001						2,371,755						2,226,003						2,252,391
Convertible senior notes			13,004,660						13,004,660						3,778,760						4,396,292
Weighted average common shares—diluted			245,319,968						244,163,678						235,928,752						235,146,395

The following table shows securities excluded from the calculation of diluted net income per common share because such securities are anti-dilutive:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Options to purchase shares of common stock			—						3,750						3,750						3,750
Restricted stock and deferred stock—unvested			2,147,167						2,361,832						2,162,662						2,430,242
Conversion shares related to the convertible senior notes			—						—						9,225,900						8,921,749
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding			2,147,167						2,365,582						11,392,312						11,355,741

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NOTE 8—SEGMENTS AND REVENUE RECOGNITION

Our reportable segments are Concerts, Ticketing and Sponsorship & Advertising. We use AOI to evaluate the performance of our operating segments and define AOI as operating income (loss) before certain acquisition expenses (including ongoing legal costs stemming from the Ticketmaster merger, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation), amortization of non-recoupable ticketing contract advances, depreciation and amortization (including goodwill impairment), loss (gain) on disposal of operating assets, and stock-based compensation expense. We also exclude from AOI the impact of estimated or realized liabilities for settlements or damages arising out of the Astroworld matter that exceed our estimated insurance recovery, due to the significant and non-recurring nature of the matter. Ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI. AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results.

Revenue and expenses earned and charged between segments are eliminated in consolidation. Our capital expenditures below include accruals for amounts incurred but not yet paid for, but are not reduced by reimbursements received from outside parties such as landlords and noncontrolling interest partners or replacements funded by insurance proceeds.

We manage our working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, our management to allocate resources to or assess performance of our segments, and therefore, total segment assets and related depreciation and amortization have not been presented.

The following table presents the results of operations for our reportable segments for the three and nine months ended September 30, 2024 and 2023:

			Concerts						Ticketing						Sponsorship & Advertising						Other & Eliminations						Corporate									Consolidated
			(in thousands)
Three Months Ended September 30, 2024
Revenue			$	6,580,595					$	693,704					$	390,345					$	(13,557)					$	—								$	7,651,087
% of Consolidated Revenue			86.0%						9.1%						5.1%						(0.2)%
Intersegment revenue			$	7,268					$	6,289					$	—					$	(13,557)					$	—								$	—
AOI			$	474,053					$	235,704					$	275,329					$	(7,073)					$	(68,182)								$	909,831
Three Months Ended September 30, 2023
Revenue (1)			$	6,971,830					$	837,624					$	366,822					$	(21,713)					$	—								$	8,154,563
% of Consolidated Revenue			85.5%						10.3%						4.5%						(0.3)%
Intersegment revenue			$	5,698					$	9,501					$	—					$	(15,199)					$	—								$	—
AOI (2)			$	340,904					$	351,574					$	250,265					$	(6,818)					$	(64,736)								$	871,189
Nine Months Ended September 30, 2024
Revenue			$	14,447,009					$	2,147,559					$	913,856					$	(34,392)					$	—								$	17,474,032
% of Consolidated Revenue			82.7%						12.3%						5.2%						(0.2)%
Intersegment revenue			$	19,671					$	14,546					$	175					$	(34,392)					$	—								$	—
AOI			$	742,936					$	812,352					$	627,926					$	(22,453)					$	(172,192)								$	1,988,569
Nine Months Ended September 30, 2023
Revenue (1)			$	13,886,333					$	2,219,667					$	839,799					$	(38,163)					$	—								$	16,907,636
% of Consolidated Revenue			82.1%						13.1%						5.0%						(0.2)%
Intersegment revenue			$	9,896					$	12,681					$	—					$	(22,577)					$	—								$	—
AOI (2)			$	504,694					$	904,014					$	548,935					$	(32,899)					$	(160,544)								$	1,764,200

(1) Prior period revenue was restated as further discussed in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the three and nine months ended September 30, 2023, the restatement decreased our Concerts segment revenue by $2.5 million and $2.5 million, respectively. For the three months ended September 30, 2023, the restatement increased our Ticketing segment revenue by $5.0 million.

(2) Prior period AOI was restated as further discussed in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the nine months ended September 30, 2023, the restatement decreased our Concerts segment AOI by $5.1 million. For the three and nine months ended September 30, 2023, the restatement increased our Ticketing segment AOI by $35.1 million and $23.8 million, respectively.

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The following table sets forth the reconciliation of consolidated AOI to operating income for the three and nine months ended September 30, 2024 and 2023:

			Three Months Ended September 30,									Nine Months Ended September 30,
			2024			2023						2024			2023
			(in thousands)
AOI (1)			$	909,831		$	871,189					$	1,988,569		$	1,764,200
Acquisition expenses			94,565			40,968						95,087			79,108
Amortization of non-recoupable ticketing contract advances			16,996			16,921						62,237			58,518
Depreciation and amortization			137,001			130,653						407,324			382,352
Gain on sale of operating assets			(3,968)			(1,583)						(5,398)			(8,092)
Astroworld estimated loss contingencies			—			—						279,915			—
Stock-based compensation expense			25,712			30,572						85,450			85,905
Operating income (1)			$	639,525		$	653,658					$	1,063,954		$	1,166,409

(1) For the three and nine months ended September 30, 2023, the restatement increased our AOI and operating income by $35.1 million and $18.7 million, respectively. See further discussion in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements.

Contract Advances

At September 30, 2024 and December 31, 2023, we had ticketing contract advances of $185.6 million and $143.9 million, respectively, recorded in prepaid expenses and $125.1 million and $135.6 million, respectively, recorded in long-term advances on the consolidated balance sheets.

Sponsorship Agreements

At September 30, 2024, we had contracted sponsorship agreements with terms greater than one year that had approximately $1.5 billion of revenue related to future benefits to be provided by us. We expect to recognize, based on current projections, approximately 11%, 36%, 27% and 26% of this revenue in the remainder of 2024, 2025, 2026 and thereafter, respectively.

Deferred Revenue

The majority of our deferred revenue is typically classified as current and is shown as a separate line item on the consolidated balance sheets. Deferred revenue that is not expected to be recognized within the next twelve months is classified as long-term and reflected in other long-term liabilities on the consolidated balance sheets.

The table below summarizes the amount of the preceding December 31 current deferred revenue recognized during the three and nine months ended September 30, 2024 and 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in thousands)
Concerts			$	1,032,868					$	814,504					$	2,885,696					$	2,629,546
Ticketing			50,140						37,124						165,463						133,365
Sponsorship & Advertising			6,626						17,432						93,300						125,359
			$	1,089,634					$	869,060					$	3,144,459					$	2,888,270

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NOTE 9—CORRECTION OF ERRORS IN PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS

In calculating our income taxes for the three and nine months ended September 30, 2024, we identified errors in our previously issued financial statements for the three and nine months ended September 30, 2023 related to the measurement of income tax expense for certain foreign subsidiaries statutory earnings.

We assessed the materiality of these errors, using both quantitative and qualitative factors, in accordance with the SEC Staff Accounting Bulletin (“SAB”) No. 99 “Materiality” and SAB 108 “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” codified in ASC 250 “Accounting Changes and Error Corrections” and concluded these errors (including when aggregated with other errors discussed below) were immaterial to all of the previously issued consolidated financial statements but, if corrected in the current year, would be material to the current year. Under ASC 250, such prior‑year misstatements which, if corrected in the current year would be material to the current year, must be corrected by adjusting the prior‑year financial statements. Correcting prior‑year financial statements for such immaterial errors does not require previously filed reports to be amended.

In addition to the errors related to the income tax provision as noted above, we recorded other errors to correct prior periods as presented below. These errors were not previously recorded, as we concluded that they were immaterial individually and in aggregate to our previously issued consolidated financial statements.

The effects of the error corrections on our consolidated statements of operations, comprehensive income (loss), cash flows and balance sheets are presented in the tables below.

The condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2023 have also been revised to reflect the impacts to net earnings and redeemable noncontrolling interests.

The following table presents the impact of correcting the errors on the affected line items of our consolidated balance sheet as of December 31, 2023:

			December 31, 2023
			As Reported						Adjustments						As Revised
			(in thousands)
Accounts receivable			$	2,069,054					$	(44,405)					$	2,024,649
Total current assets			9,577,754						(44,405)						9,533,349
Total assets			19,074,045						(44,405)						19,029,640
Accrued expenses			3,006,281						24,531						3,030,812
Total current liabilities			9,959,903						24,531						9,984,434
Redeemable noncontrolling interests			893,709						(33,779)						859,930
Total Live Nation stockholders' equity			(17,148)						(35,157)						(52,305)
Total equity			587,157						(35,157)						552,000
Total liabilities and equity			19,074,045						(44,405)						19,029,640

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The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of operations for the three months ended September 30, 2023:

			Three Months Ended September 30, 2023
			As Reported						Adjustments						As Revised
			(in thousands except per share data)
Revenue			$	8,152,019					$	2,544					$	8,154,563
Direct operating expenses			6,330,465						(32,582)						6,297,883
Operating income			618,532						35,126						653,658
Income before income taxes			596,555						35,126						631,681
Income tax expense			55,874						(5,605)						50,269
Net income			540,681						40,731						581,412
Net income attributable to noncontrolling interests			57,186						2,746						59,932
Net income attributable to common stockholders of Live Nation			483,495						37,985						521,480
Basic net income per common share available to common stockholders of Live Nation			1.85						0.16						2.01
Diluted net income per common share available to common stockholders of Live Nation			1.78						0.15						1.93

The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of comprehensive income (loss) for the three months ended September 30, 2023:

			Three Months Ended September 30, 2023
			As Reported						Adjustments						As Revised
			(in thousands)
Net income			$	540,681					$	40,731					$	581,412
Comprehensive income			493,670						40,731						534,401
Comprehensive income attributable to noncontrolling interests			57,186						2,746						$	59,932
Comprehensive income attributable to common stockholders of Live Nation			436,484						37,985						474,469

The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of operations for the nine months ended September 30, 2023:

			Nine Months Ended September 30, 2023
			As Reported						Adjustments						As Revised
			(in thousands except per share data)
Revenue			$	16,910,132					$	(2,496)					$	16,907,636
Direct operating expenses			12,610,832						(21,226)						12,589,606
Operating income			1,147,679						18,730						1,166,409
Income before income taxes			1,037,572						18,730						1,056,302
Income tax expense			121,362						5,708						127,070
Net income			916,210						13,022						929,232
Net income attributable to noncontrolling interests			142,202						(2,797)						139,405
Net income attributable to common stockholders of Live Nation			774,008						15,819						789,827
Basic net income per common share available to common stockholders of Live Nation			2.63						0.07						2.70
Diluted net income per common share available to common stockholders of Live Nation			2.59						0.07						2.66

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The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of comprehensive income (loss) for the nine months ended September 30, 2023:

			Nine Months Ended September 30, 2023
			As Reported						Adjustments						As Revised
			(in thousands)
Net income			$	916,210					$	13,022					$	929,232
Comprehensive income			1,018,528						13,022						1,031,550
Comprehensive income attributable to noncontrolling interests			142,202						(2,797)						139,405
Comprehensive income attributable to common stockholders of Live Nation			876,326						15,819						892,145

The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of cash flow for the nine months ended September 30, 2023:

			Nine Months Ended September 30, 2023
			As Reported						Adjustments						As Revised
			(in thousands)
Net income			$	916,210					$	13,022					$	929,232
Increase in accounts receivable			(1,014,739)						(15,714)						(1,030,453)
Increase in accounts payable, accrued expenses and other liabilities			916,619						(13,022)						903,597
Decrease in deferred revenue			(150,487)						7,894						(142,593)
Net cash provided by operating activities			762,441						(7,820)						754,621
Net increase in cash, cash equivalents and restricted cash			342,988						(7,820)						335,168
Cash, cash equivalents and restricted cash at beginning of period			5,612,374						7,820						5,620,194

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

“Live Nation” (which may be referred to as the “Company,” “we,” “us” or “our”) means Live Nation Entertainment, Inc. and its subsidiaries, or one of our segments or subsidiaries, as the context requires. You should read the following discussion of our financial condition and results of operations together with the unaudited consolidated financial statements and notes to the financial statements included elsewhere in this quarterly report.

Special Note About Forward-Looking Statements

Certain statements contained in this quarterly report (or otherwise made by us or on our behalf from time to time in other reports, filings with the SEC, news releases, conferences, internet postings or otherwise) that are not statements of historical fact constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, notwithstanding that such statements are not specifically identified. Forward-looking statements include, but are not limited to, statements about our financial position, business strategy, competitive position, potential growth opportunities, potential operating performance improvements, the effects of competition, the effects of future legislation or regulations and plans and objectives of our management for future operations. We have based our forward-looking statements on our beliefs and assumptions considering the information available to us at the time the statements are made. Use of the words “may,” “should,” “continue,” “plan,” “potential,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “could,” “target,” “project,” “seek,” “predict,” or variations of such words and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, those set forth below under Part II—Other Information—Item 1A.—Risk Factors, in Part I—Item IA.—Risk Factors of our 2023 Annual Report on Form 10-K as well as other factors described herein or in our annual, quarterly and other reports we file with the SEC (collectively, “cautionary statements”). Based upon changing conditions, should any risk or uncertainty that has already materialized, worsen in scope, impact or duration, or should one or more of the currently unrealized risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described in any forward-looking statements. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the applicable cautionary statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We do not intend to update these forward-looking statements, except as required by applicable law.

Executive Overview

For the third quarter of 2024, the Company’s operating income decreased by 2% and AOI was up 4% versus 2023. Revenues for the third quarter decreased by 6% to $7.7 billion on both a reported and constant currency basis as compared to the same period last year, due to the reduction in stadium show volume this year. Our operating income for the quarter decreased by $14 million, or 2%, from $654 million in the third quarter of 2023 to $640 million in the third quarter of 2024 due to our Ticketing segment from the reduction in stadium show volume partially offset by improved performance from our Concerts and Sponsorship business segments. The decrease in operating income was $10 million, or 2%, at constant currency.

For the first nine months of 2024, our consolidated revenue increased by $566 million, or 3%, compared to the same period in 2023, from $16.9 billion to $17.5 billion. The increase was $651 million, or 4%, on a constant currency basis. We had consolidated operating income of $1.1 billion for the first nine months of 2024, a decrease of $102 million compared to the first nine months of 2023. Despite stronger operating performance in our Concerts and Sponsorship segments, these positive results were negatively impacted by the Astroworld estimated loss contingencies as well as reduced revenue in our Ticketing segment. Consolidated AOI for the first nine months increased by $224 million, or 13%, compared to the same period in 2023, from $1.8 billion to $2.0 billion. The increase was $250 million, or 14%, on a constant currency basis.

All of the segment financial comments to follow are based on reported foreign currency exchange rates.

Our Concerts segment revenue for the quarter decreased by $391 million, or 6%, from $7.0 billion in the third quarter of 2023 to $6.6 billion in the third quarter of 2024. The revenue reduction was the result of fewer stadium shows and fans this quarter. The total number of events for the third quarter of 2024 was approximately 12,800 compared to 12,100 in the third quarter of 2023, an increase of 700 events or 6%. The number of fans for the quarter was 50 million compared to 52 million last year, a reduction of 2 million fans or 4%. The decrease in activity largely resulted from the aforementioned change in stadium activity partially offset by more fans attending arena shows as well as theaters and clubs. We saw double digit arena fan growth globally this quarter, most notably in the United States. Some of the major acts touring in the third quarter of 2024 included Bruno Mars, Pink, Green Day, and Adele. Our larger festivals in the quarter included Rock in Rio, Lollapalooza Chicago, Rock Werchter in Belgium and Reading and Leads in the United Kingdom. Meanwhile, Concerts AOI for the quarter was $474

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million compared to $341 million in the third quarter of 2023, for growth of $133 million or 39%. Operating income margins increased from 3.2% in the third quarter of 2023 to 4.5% in the third quarter of 2024 while AOI margin for the third quarter of 2024 was 7.2% compared to 4.9% last year.

For the first nine months of 2024, Concerts revenue grew $561 million compared to the same period in 2023, from $13.9 billion to $14.4 billion. For the first nine months of 2024, our Concerts fan count was nearly 112 million compared to 108 million for the same period in 2023, an increase of nearly 4 million fans or 3%. Fan growth has been driven by more activity in arenas, our owned and operated amphitheaters as well as more theater and club content. Onsite spending per fan at our United States amphitheater shows for same-store artists (those artists performing at least three amphitheater shows in either 2022 or 2023 compared to 2024) during the first nine months of 2024 is pacing ahead of full-year 2023 by 9%, driven by higher food and beverage and upsell spending. For our larger festivals, the onsite spend growth has continued as well. With roughly 85% of our festival events now played off, we have seen double-digit growth in per fan spend, driven largely by higher food and beverage and VIP sales. Concerts AOI for the first nine months increased by $238 million, or 47%, compared to the same period in 2023, from $505 million to $743 million. Operating income margins decreased from 1.5% for the first nine months of 2023 to 0.8% for the first nine months of 2024, which was impacted by the Astroworld estimated loss contingencies. AOI margin for the first nine months of 2024 was 5.1% compared to 3.6% last year.

Our Ticketing segment revenue for the quarter decreased by $144 million, or 17%, from $838 million in the third quarter of 2023 to $694 million in the third quarter of 2024. We sold approximately 83 million fee-bearing tickets in the third quarter of 2024 compared to 89 million tickets in the same period of the prior year. Our revenue and ticket sales declined due to the unprecedented volume of stadium sales last year. Despite the venue mix change, the third quarter was our fourth highest ever in terms of sales volume and our third highest ever with respect to GTV. International Ticketing also had its single biggest sales day ever in September 2024 driven by outstanding demand for Coldplay tickets in Europe. Ticketing AOI for the quarter was $236 million compared to $352 million last year for a reduction of $116 million or 33%.

For the first nine months of 2024, our Ticketing segment revenue declined by $72 million compared to the same period in 2023, from $2.2 billion to $2.1 billion. Ticketing AOI for the first nine months of 2024 decreased by $92 million compared to the same period in 2023, from $904 million to $812 million. For the first nine months of 2024, our fee-bearing ticket sales were 238 million tickets, 2 million behind 2023. We have signed clients with over 24 million net new tickets so far this year, of which two-thirds are in our international markets, which demonstrates that our ticketing platforms’ features and functionalities continue to fuel growth.

Our Sponsorship & Advertising segment revenue for the quarter increased by $24 million, or 6%, from $367 million in the third quarter of 2023 to $390 million in the third quarter of 2024. The improvement was largely due to growth in festival sponsorship income for Europe, Canada and Brazil where we hosted the Rock in Rio event this year. For the first nine months of 2024, our sponsorship growth has been driven by new and expanded ticket access deals both in North America and in our international markets as well as from onsite sponsorships. AOI for the quarter increased by $25 million, from $250 million in the third quarter of 2023 to $275 million in the third quarter of 2024. For the first nine months of 2024, our Sponsorship & Advertising revenue grew $74 million compared to the same period in 2023, from $840 million to $914 million. Sponsorship & Advertising AOI for the first nine months increased by $79 million compared to the same period in 2023, from $549 million to $628 million.

We are optimistic about the long-term potential of our Company and are focused on the key elements of our business model: expanding our global platforms to connect artists and fans.

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Consolidated Results of Operations

Three Months

			Three Months Ended September 30,																								% Change
			2024																		2023
			As Reported						Currency Impacts						At Constant Currency**						As Revised						As Reported						At Constant Currency**
			(in thousands)
Revenue			$	7,651,087					$	48,491					$	7,699,578					$	8,154,563					(6)%						(6)%
Operating expenses:
Direct operating expenses			5,780,188																		6,297,883						(8)%
Selling, general and administrative expenses			1,005,418																		974,150						3%
Depreciation and amortization			137,001																		130,653						5%
Gain on disposal of operating assets			(3,968)																		(1,583)						*
Corporate expenses			92,923																		99,802						(7)%
Operating income			639,525						4,150						643,675						653,658						(2)%						(2)%
Operating margin			8.4%												8.4%						8.0%
Interest expense			87,961																		86,215
Interest income			(36,067)																		(78,107)
Equity in losses (earnings) of nonconsolidated affiliates			13,987																		(5,382)
Other expense (income), net			(12,268)																		19,251
Income before income taxes			585,912																		631,681
Income tax expense			70,229																		50,269
Net income			515,683																		581,412
Net income attributable to noncontrolling interests			63,878																		59,932
Net income attributable to common stockholders of Live Nation			$	451,805																	$	521,480

**			Constant currency is a non-GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period’s currency exchange rates and the comparable prior period’s currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.

Revenue

Revenue decreased $503.5 million during the three months ended September 30, 2024 as compared to the same period of the prior year primarily due to decreased revenue in our Concerts segment of $391.2 million and in our Ticketing segment of $143.9 million, partially offset by a $23.5 million increase in our Sponsorship & Advertising segment as further discussed within each segment’s operating results.

Operating income

Operating income decreased $14.1 million during the three months ended September 30, 2024 as compared to the same period of the prior year primarily driven by a $116.5 million decrease in our Ticketing segment partially offset by increased operating income in our Concerts segment of $70.2 million and Sponsorship & Advertising segment of $27.1 million as further discussed within each segment’s operating results.

Interest income

Interest income decreased $42.0 million during the three months ended September 30, 2024 as compared to the same period of the prior year primarily attributed to lower rate of return on our cash and cash equivalents in 2024 and a decrease in our cash and cash equivalents balance.

Other expense (income), net

For the three months ended September 30, 2024, we had other income, net of $12.3 million which includes net foreign exchange rate gains of $12.1 million. For the three months ended September 30, 2023, we had other expense, net of $19.3 million which includes net foreign exchange rate losses of $35.3 million, partially offset by mark to market adjustments for certain investments in nonconsolidated affiliates of $18.8 million. The net foreign exchange rate gains and losses result primarily from revaluation of certain foreign currency denominated net assets held internationally.

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Consolidated Results of Operations

Nine Months

			Nine Months Ended September 30,																								% Change
			2024																		2023
			As Reported						Currency Impacts						At Constant Currency**						As Revised						As Reported						At Constant Currency**
			(in thousands)
Revenue			$	17,474,032					$	84,416					$	17,558,448					$	16,907,636					3%						4%
Operating expenses:
Direct operating expenses			12,839,737																		12,589,606						2%
Selling, general and administrative expenses			2,913,199																		2,533,066						15%
Depreciation and amortization			407,324																		382,352						7%
Gain on disposal of operating assets			(5,398)																		(8,092)						(33)%
Corporate expenses			255,216																		244,295						4%
Operating income			1,063,954						25,509						1,089,463						1,166,409						(9)%						(7)%
Operating margin			6.1%												6.2		%				6.9%
Interest expense			248,622																		257,425
Loss on extinguishment of debt			—																		18,366
Interest income			(123,749)																		(174,872)
Equity in losses (earnings) of nonconsolidated affiliates			8,527																		(15,047)
Other expense (income), net			(110,064)																		24,235
Income before income taxes			1,040,618																		1,056,302
Income tax expense			191,412																		127,070
Net income			849,206																		929,232
Net income attributable to noncontrolling interests			153,906																		139,405
Net income attributable to common stockholders of Live Nation			$	695,300																	$	789,827

____________

**			Constant currency is a non-GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period’s currency exchange rates and the comparable prior period’s currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.

Revenue

Revenue increased $566.4 million during the nine months ended September 30, 2024 as compared to the same period of the prior year driven by increased revenue in our Concerts segment of $560.7 million and Sponsorship & Advertising segment of $74.1 million, partially offset by a decrease in the Ticketing segment of $72.1 million, as further discussed within each segment’s operating results.

Operating income

Operating income decreased $102.5 million during the nine months ended September 30, 2024 as compared to the same period of the prior year primarily driven by decreased operating income in our Concerts segment of $104.6 million and Ticketing segment of $93.4 million partially offset by increased operating income in our Sponsorship & Advertising segment of $90.5 million as further discussed within each segment’s operating results.

Interest income

Interest income decreased $51.1 million during the nine months ended September 30, 2024 as compared to the same period of the prior year primarily attributed to lower rate of return on our cash and cash equivalents in 2024 and a decrease in our cash and cash equivalents balance.

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Equity in losses (earnings) of nonconsolidated affiliates

Equity in losses (earnings) of nonconsolidated affiliates was losses of $8.5 million during the nine months ended September 30, 2024 as compared to earnings of $15.0 million for the comparable period of the prior year due to lower operating results from certain nonconsolidated affiliates.

Other expense (income), net

For the nine months ended September 30, 2024, we had other income, net of $110.1 million which primarily includes mark to market adjustments for certain investments in nonconsolidated affiliates of $94.7 million and net foreign exchange rate gains of $14.7 million. For the nine months ended September 30, 2023, we had other expense, net of $24.2 million which includes net foreign exchange rate losses of $65.1 million partially offset by mark to market adjustments for certain investments in nonconsolidated affiliates of $45.3 million. The net foreign exchange rate gains and losses result primarily from revaluation of certain foreign currency denominated net assets held internationally.

Income tax expense

For the nine months ended September 30, 2024, we had a net tax expense of $191.4 million on income before income taxes of $1.0 billion compared to a net tax expense of $127.1 million on an income before income taxes of $1.1 billion for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, the income tax expense consisted of $167.4 million related to foreign entities, $4.6 million related to United States federal taxes, and $19.4 million related to state and local income taxes. The net increase in tax expense of $64.3 million was primarily due to higher income in certain non-United States jurisdictions.

Non-GAAP Measure

Consolidated AOI

Consolidated AOI is a non-GAAP financial measure that we define as consolidated operating income (loss) before certain acquisition expenses (including ongoing legal costs stemming from the Ticketmaster merger, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation), amortization of non-recoupable ticketing contract advances, depreciation and amortization (including goodwill impairment), loss (gain) on disposal of operating assets, and stock-based compensation expense. We also exclude from AOI the impact of estimated or realized liabilities for settlements or damages arising out of the Astroworld matter that exceed our estimated insurance recovery, due to the significant and non-recurring nature of the matter. Ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI.

We use AOI to evaluate the performance of our operating segments. We believe that information about AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies.

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The following table sets forth the reconciliation of consolidated operating income to consolidated AOI for the three and nine months ended September 30, 2024 and 2023:

			Three Months Ended September 30,									Nine Months Ended September 30,
			2024			2023						2024			2023
						As Revised									As Revised
			(in thousands)
Operating income (1)			$	639,525		$	653,658					$	1,063,954		$	1,166,409
Acquisition expenses			94,565			40,968						95,087			79,108
Amortization of non-recoupable ticketing contract advances			16,996			16,921						62,237			58,518
Depreciation and amortization			137,001			130,653						407,324			382,352
Gain on sale of operating assets			(3,968)			(1,583)						(5,398)			(8,092)
Astroworld estimated loss contingencies			—			—						279,915			—
Stock-based compensation expense			25,712			30,572						85,450			85,905
Consolidated AOI (1)			$	909,831		$	871,189					$	1,988,569		$	1,764,200

(1) For the three and nine months ended September 30, 2023, the restatement increased our operating income and consolidated AOI by $35.1 million and $18.7 million, respectively. See further discussion in Part I — Financial Information—Item 1.—Financial Statements—Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements.

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Segment Overview

Our reportable segments are Concerts, Ticketing and Sponsorship & Advertising.

Concerts

Revenue and related costs for events are generally deferred and recognized when the event occurs. All advertising costs incurred during the year for shows in future years are expensed at the end of the year. If a current year event is rescheduled into a future year, all advertising costs incurred to date are expensed in the period when the event is rescheduled.

Concerts direct operating expenses include artist fees, event production costs, show-related marketing and advertising expenses, along with other costs.

To judge the health of our Concerts segment, we primarily monitor the number of confirmed events and fan attendance in our network of operated and third-party venues, talent fees, average paid attendance, market ticket pricing, advance ticket sales and the number of major artist clients under management. In addition, at our operated venues and festivals, we monitor ancillary revenue per fan and premium ticket sales. For business that is conducted in foreign markets, we also compare the operating results from our foreign operations to prior periods without the impact of changes in foreign exchange rates.

Ticketing

Revenue related to ticketing service charges is recognized when the ticket is sold for our third-party clients. For our own events, where our concert promoters or venues control ticketing, revenue is deferred and recognized when the event occurs. GTV represents the total amount of the transaction related to a ticket sale and includes the face value of the ticket as well as the service charge. We use GTV to evaluate changes in ticket fee revenue that are driven by the pricing of our service charges.

Ticketing direct operating expenses include call center costs and credit card fees, along with other costs.

To judge the health of our Ticketing segment, we primarily review the GTV and the number of tickets sold through our primary and secondary ticketing operations, the number of clients renewed or added and the average royalty rate paid to clients who use our ticketing services. In addition, we review the number of visits to our websites, cost of customer acquisition, the purchase conversion rate, and the overall number of customers in our database. For business that is conducted in foreign markets, we also compare the operating results from our foreign operations to prior periods without the impact of changes in foreign exchange rates.

Sponsorship & Advertising

Revenue related to sponsorship and advertising programs is recognized over the term of the agreement or operating season as the benefits are provided to the sponsor unless the revenue is associated with a specific event, in which case it is recognized when the event occurs.

Sponsorship & Advertising direct operating expenses include fulfillment costs related to our sponsorship programs, along with other costs.

To judge the health of our Sponsorship & Advertising segment, we primarily review the revenue generated through sponsorship arrangements and online advertising, and the percentage of expected revenue under contract. For business that is conducted in foreign markets, we also compare the operating results from our foreign operations to prior periods without the impact of changes in foreign exchange rates.

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Key Operating Metrics

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(in thousands except estimated events)
Concerts (1)
Estimated events:
North America (2)			9,664						9,080						26,831						23,500
International			3,170						3,010						11,884						10,736
Total estimated events			12,834						12,090						38,715						34,236
Estimated fans:
North America (2)			32,900						34,192						66,978						60,323
International			17,200						18,085						44,945						47,927
Total estimated fans			50,100						52,277						111,923						108,250
Ticketing (3)
Estimated number of fee-bearing tickets sold			83,233						89,300						238,281						240,445
Estimated number of non-fee-bearing tickets sold			69,162						66,083						222,720						210,519
Total estimated tickets sold			152,395						155,383						461,001						450,964

 _________

(1)Events generally represent a single performance by an artist. Fans generally represent the number of people who attend an event. Festivals are counted as one event in the quarter in which the festival begins, but the number of fans is based on the days the fans were present at the festival and thus can be reported across multiple quarters. Events and fan attendance metrics are estimated each quarter.

(2)North America refers to our events and fans within the United States and Canada.

(3)The fee-bearing tickets estimated above include primary and secondary tickets that are sold using our Ticketmaster systems or that we issue through affiliates. This metric includes primary tickets sold during the year regardless of event timing, except for our own events where our concert promoters or venues control ticketing which are reported when the events occur. The non-fee-bearing tickets estimated above include primary tickets sold using our Ticketmaster systems, through season seat packages and our venue clients’ box offices, along with tickets sold on our “do it yourself” platform. These ticketing metrics are net of any refunds requested and any cancellations that occurred during the period and up to the time of reporting of these consolidated financial statements.

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Segment Operating Results

Concerts

Our Concerts segment operating results were, and discussions of significant variances are, as follows:

			Three Months Ended September 30,												% Change						Nine Months Ended September 30,												% Change
			2024						2023												2024						2023
									As Revised																		As Revised
			(in thousands)																		(in thousands)
Revenue (1)			$	6,580,595					$	6,971,830					(6)%						$	14,447,009					$	13,886,333					4%
Direct operating expenses (2)			5,464,732						5,968,297						(8)%						11,943,821						11,696,081						2%
Selling, general and administrative expenses			733,459						695,257						5%						2,125,152						1,756,135						21%
Depreciation and amortization			91,207						84,912						7%						274,216						228,353						20%
Gain on disposal of operating assets			(3,974)						(1,584)						*						(5,466)						(8,143)						(33)%
Operating income (3)			$	295,171					$	224,948					31%						$	109,286					$	213,907					(49)%
Operating margin			4.5		%				3.2		%										0.8		%				1.5		%
AOI (3)			$	474,053					$	340,904					39%						$	742,936					$	504,694					47%
AOI margin			7.2		%				4.9		%										5.1		%				3.6		%

_______

*			Percentages are not meaningful.
(1)			See further discussion in Part I — Financial Information—Item 1.—Financial Statements—Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the three and nine months ended September 30, 2023, the restatement decreased revenue by $2.5 million and $2.5 million, respectively.
(2)			For the three and nine months ended September 30, 2023, the restatement decreased direct operating expenses by $2.5 million and increased direct operating expenses by $2.6 million, respectively.
(3)			For the nine months ended September 30, 2023, the restatement decreased operating income and AOI by $5.1 million.

Three Months

Revenue

Concerts revenue decreased $391.2 million during the three months ended September 30, 2024 as compared to the same period of the prior year primarily due to fewer stadium shows partially offset by more arena shows. Concerts had incremental revenue of $104.0 million during the three months ended September 30, 2024 from acquisitions and new venues.

Operating results

Concerts AOI increased $133.1 million and operating income increased $70.2 million for the three months ended September 30, 2024 as compared to the same period of the prior year. The increase in AOI was primarily driven by lower direct operating expenses due to fewer stadium shows which were partially offset by a decrease in revenue discussed above. The remaining change in operating income outside of AOI of $62.9 million is primarily associated with higher acquisition expenses of $58.2 million related to certain acquisition transactions.

Nine Months

Revenue

Concerts revenue increased $560.7 million during the nine months ended September 30, 2024 as compared to the same period of the prior year primarily due to increased show count and fan growth. In particular, higher arena and amphitheater shows and related fan count partially offset by fewer stadium shows contributed to the increase in revenue. Concerts had incremental revenue of $257.7 million during the nine months ended September 30, 2024 from acquisitions and new venues.

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Operating results

Concerts AOI increased $238.2 million during the nine months ended September 30, 2024 as compared to the same period of the prior year primarily driven by an increase in revenues from the number of shows discussed above partially offset by increased direct operating expenses to support increased show count and fan growth at events and higher selling, general and administrative expenses related to additional headcount and compensation expenses as well as incremental loss from acquisitions and new venues of $22.2 million. The remaining change in operating income outside of AOI of $342.9 million is primarily associated with Astroworld estimated loss contingencies of $279.9 million and higher depreciation and amortization of $45.9 million related to capital expenditures incurred to support the increased operations.

Ticketing

Our Ticketing segment operating results were, and discussions of significant variances are, as follows:

			Three Months Ended September 30,												% Change						Nine Months Ended September 30,												% Change
			2024						2023												2024						2023
									As Revised																		As Revised
			(in thousands)																		(in thousands)
Revenue (1)			$	693,704					$	837,624					(17)%						$	2,147,559					$	2,219,667					(3)%
Direct operating expenses (2)			262,773						279,238						(6)%						767,696						756,731						1%
Selling, general and administrative expenses			218,826						228,746						(4)%						648,456						632,341						3%
Depreciation and amortization			26,033						27,005						(4)%						73,956						79,712						(7)%
Loss (gain) on disposal of operating assets			(17)						—						*						29						34						(15)%
Operating income (3)			$	186,089					$	302,635					(39)%						$	657,422					$	750,849					(12)%
Operating margin			26.8		%				36.1		%										30.6		%				33.8		%
AOI (3)			$	235,704					$	351,574					(33)%						$	812,352					$	904,014					(10)%
AOI margin			34.0		%				42.0		%										37.8		%				40.7		%

*			Percentages are not meaningful.
(1)			See further discussion in Part I — Financial Information—Item 1.—Financial Statements—Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the three months ended September 30, 2023, the restatement increased revenue by $5.0 million.
(2)			For the three and nine months ended September 30, 2023, the restatement decreased direct operating expenses by $30.1 million and $23.8 million, respectively.
(3)			For the three and nine months ended September 30, 2023, the restatement increased operating income and AOI by $35.1 million and $23.8 million, respectively.

Three Months

Revenue

Ticketing revenue decreased $143.9 million during the three months ended September 30, 2024 as compared to the same period of the prior year primarily due to a reduction in stadium shows partially offset by higher arena sales.

Operating results

The decrease in revenue discussed above were partially offset by lower direct operating expenses due to less stadium activity resulting in a decrease in AOI of $115.9 million and operating income decrease of $116.5 million during the three months ended September 30, 2024 as compared to the same period of the prior year.

Nine Months

Revenue

Ticketing revenue decreased $72.1 million during the nine months ended September 30, 2024 as compared to the same period of the prior year primarily due to a reduction in stadium shows partially offset by higher arena and amphitheater sales in 2024 as compared to 2023.

Operating results

Ticketing AOI decreased $91.7 million and operating income decreased $93.4 million during the nine months ended September 30, 2024 as compared to the same period of the prior year primarily driven by lower revenue discussed above.

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Sponsorship & Advertising

Our Sponsorship & Advertising segment operating results were, and discussions of significant variances are, as follows:

			Three Months Ended September 30,												% Change						Nine Months Ended September 30,												% Change
			2024						2023												2024						2023
			(in thousands)																		(in thousands)
Revenue			$	390,345					$	366,822					6%						$	913,856					$	839,799					9%
Direct operating expenses			64,842						70,902						(9)%						157,853						171,412						(8)%
Selling, general and administrative expenses			52,288						48,083						9%						134,977						126,390						7%
Depreciation and amortization			14,134						15,924						(11)%						47,216						58,687						(20)%
Loss on sale of operating assets			23						—						*						39						—						*
Operating income			$	259,058					$	231,913					12%						$	573,771					$	483,310					19%
Operating margin			66.4		%				63.2		%										62.8		%				57.6		%
AOI			$	275,329					$	250,265					10%						$	627,926					$	548,935					14%
AOI margin			70.5		%				68.2		%										68.7		%				65.4		%

_______

*			Percentages are not meaningful.

Three Months

Revenue

Sponsorship & Advertising revenue increased $23.5 million during the three months ended September 30, 2024 as compared to the same period of the prior year primarily driven by increased sponsorship activity from our international markets and onsite sponsorships.

Operating results

Sponsorship & Advertising AOI increased $25.1 million and operating income increased $27.1 million during the three months ended September 30, 2024 as compared to the same period of the prior year. These increases were primarily due to increased revenues from sponsorship activity discussed above.

Nine Months

Revenue

Sponsorship & Advertising revenue increased $74.1 million during the nine months ended September 30, 2024 as compared to the same period of the prior year primarily driven by increased sponsorship activity from our North America and international markets as well as from onsite sponsorships.

Operating results

Sponsorship & Advertising AOI increased $79.0 million and operating income increased $90.5 million during the nine months ended September 30, 2024 as compared to the same period of the prior year. These increases were primarily due to higher sponsorship activity discussed above.

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Liquidity and Capital Resources

Our cash is centrally managed on a worldwide basis. Our primary short-term liquidity needs are to fund general working capital requirements, capital expenditures and debt service requirements while our long-term liquidity needs are primarily related to acquisitions and debt repayment. Our primary sources of funds for our short-term liquidity needs will be cash flows from operations and borrowings under our amended senior secured credit facility, while our long-term sources of funds will be from cash flows from operations, long-term bank borrowings and other debt or equity financings. We may from time to time engage in open market purchases of our outstanding debt securities or redeem or otherwise repay such debt.

Our balance sheet reflects cash and cash equivalents of $5.5 billion at September 30, 2024 and $6.2 billion at December 31, 2023. Included in the September 30, 2024 and December 31, 2023 cash and cash equivalents balances are $1.6 billion and $1.5 billion, respectively, of cash received that includes the face value of tickets sold on behalf of our ticketing clients and their share of service charges, which we refer to as client cash. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to clients on a regular basis. Our foreign subsidiaries held approximately $2.7 billion in cash and cash equivalents, excluding client cash, at September 30, 2024. We generally do not repatriate these funds, but if we did, we would need to accrue and pay United States state income taxes as well as any applicable foreign withholding or transaction taxes on future repatriations.

We may from time to time enter into borrowings under our revolving credit facility. If the original maturity of these borrowings is 90 days or less, we present the borrowings and subsequent repayments on a net basis in the statement of cash flows to better represent our financing activities. Our balance sheet reflects total net debt of $6.3 billion and $6.6 billion, respectively, at September 30, 2024 and December 31, 2023. Our weighted-average cost of debt, excluding unamortized debt discounts and debt issuance costs on our term loans and notes, was 4.6% at September 30, 2024, with approximately 93% of our debt at fixed rates. Our weighted-average cost of debt for short-term borrowings outstanding at September 30, 2024, excluding unamortized debt discounts and debt issuance costs on our term loans and notes, was 3.4%.

Our cash and cash equivalents are held in accounts managed by third-party financial institutions and consist of cash in our operating accounts and invested cash. Cash held in non-interest-bearing and interest-bearing operating accounts in many cases exceeds the Federal Deposit Insurance Corporation insurance limits. The invested cash is in interest-bearing funds consisting primarily of bank deposits and money market funds. While we monitor cash and cash equivalents balances in our operating accounts on a regular basis and adjust the balances as appropriate, these balances could be impacted if the underlying financial institutions fail. To date, we have experienced no loss or lack of access to our cash and cash equivalents; however, we can provide no assurances that access to our cash and cash equivalents will not be impacted by adverse conditions in the financial markets.

For our Concerts segment, we often receive cash related to ticket revenue in advance of the event, which is recorded in deferred revenue until the event occurs. In the United States, this cash is largely associated with events in our owned or operated venues, notably amphitheaters, festivals, theaters and clubs. Internationally, this cash is from a combination of both events in our owned or operated venues, as well as events in third-party venues associated with our promoter’s share of tickets in allocation markets. With the exception of some upfront costs and artist advances, which are recorded in prepaid expenses until the event occurs, we pay the majority of event-related expenses at or after the event. Artists are paid when the event occurs under one of several different formulas, which may include fixed guarantees and/or a percentage of ticket sales or event profits, net of any advance they have received. When an event is cancelled, any cash held in deferred revenue is reclassified to accrued expenses as those funds are typically refunded to the fan within 30 days of event cancellation. When a show is rescheduled, fans have the ability to request a refund if they do not want to attend the event on the new date, although historically we have had low levels of refund requests for rescheduled events.

We view our available cash as cash and cash equivalents, less ticketing-related client cash, less event-related deferred revenue, less accrued expenses due to artists and cash collected on behalf of others, plus event-related prepaid expenses. This is essentially our cash available to, among other things, repay debt balances, make acquisitions, and finance capital expenditures.

Our intra-year cash fluctuations are impacted by the seasonality of our various businesses. Examples of seasonal effects include our Concerts segment, which reports the majority of its revenue in the second and third quarters. Cash inflows and outflows depend on the timing of event-related payments but the majority of the inflows generally occur prior to the event. See “—Seasonality” below. We believe that we have sufficient financial flexibility to fund these fluctuations and to access the global capital markets on satisfactory terms and in adequate amounts, although there can be no assurance that this will be the case, and capital could be less accessible and/or more costly given current economic conditions. We expect cash flows from operations and borrowings under our amended senior secured credit facility, along with other financing alternatives, to satisfy working capital requirements, capital expenditures and debt service requirements for at least the succeeding year. We may need to incur additional debt or issue equity to make other strategic acquisitions or investments. There can be no assurance that such financing will be available to us on acceptable terms or at all. We may make significant acquisitions in the near term, subject to limitations imposed by our financing agreements and market conditions.

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The lenders under our revolving loans and counterparty to our interest rate hedge agreement consists of banks and other third-party financial institutions. While we currently have no indications or expectations that such lenders will be unable to fund their commitments as required, we can provide no assurances that future funding availability will not be impacted by adverse conditions in the financial markets. Should an individual lender default on its obligations, the remaining lenders would not be required to fund the shortfall, resulting in a reduction in the total amount available to us for future borrowings, but would remain obligated to fund their own commitments. Should the counterparty to our interest rate hedge agreement default on its obligation, we could experience higher interest rate volatility during the period of any such default.

Sources of Cash

Amended Senior Secured Credit Facility

Our senior secured credit facility provides for borrowings of up to $1.7 billion, which was amended on November 5, 2024 (see below), with a $250 million sublimit for the issuance of letters of credit and a $100 million for swingline borrowings. The revolving credit facility allows for a $780 million sublimit for borrowings in U.S. Dollars, Euros, or Sterling, and a $260 million sublimit for borrowings in those or one or more other approved non-U.S. currencies. The revolving credit facility will be available to us and, if designated in the future, certain of our foreign subsidiaries. The Amended Credit Agreement provides for the right, subject to certain conditions, to increase the term B loan and revolving facilities by an amount not to exceed an amount equal to the sum of (x) $1.625 billion, (y) the aggregate principal amount of voluntary prepayments of the term B loans and permanent reductions of the revolving credit facility commitments, in each case, other than from proceeds of long-term indebtedness, and (z) additional amounts so long as the senior secured leverage ratio, on a pro-forma basis after giving effect to such increase, is no greater than 4.50x.

Our obligations under the Amended Credit Agreement will continue to be guaranteed by the majority of our direct and indirect domestic subsidiaries, subject to certain exceptions, and the obligations of the foreign subsidiary borrowers, if any, will be guaranteed by us, the majority of our direct and indirect domestic subsidiaries, and by certain of our wholly-owned foreign subsidiaries. The obligations under the Amended Credit Agreement and the guarantees will continue to be secured by a lien on substantially all of our tangible and intangible personal property and the domestic subsidiaries that are guarantors, and by a pledge of substantially all of the shares of stock, partnership interests and limited liability company interests of our direct and indirect domestic subsidiaries and 65% of each class of capital stock of any first-tier foreign subsidiaries and, if there are any foreign borrowers, by certain of the assets of such foreign borrowers and certain foreign subsidiaries, subject to limited exceptions.

The interest rates per annum applicable to the revolving credit facility under the amended senior secured credit facility are, at our option, equal to either Term SOFR plus 1.75% or a base rate (as defined in the Credit Agreement) plus 0.75%.

The interest rates per annum applicable to the term loan B are, at our option, equal to either Term Benchmark Loans or RFR Loans (as defined in the Credit Agreement) plus 1.75% or a base rate plus 0.75%. We have an interest rate swap agreement that ensures the interest rate on $500 million principal amount of our outstanding term loan B does not exceed 3.445% through October 2026. For the term loan B, we are required to make quarterly payments of $2.4 million with the balance due at maturity in October 2026. We are also required to make mandatory prepayments of the loan, subject to specified exceptions, from excess cash flow and with the proceeds of asset sales, debt issuances and specified other events.

We are required to pay a commitment fee of 0.35% per year on the undrawn portion available under the revolving credit facility and variable fees on outstanding letters of credit. Based on our outstanding letters of credit of $21.9 million, $1.28 billion was available for future borrowings from our revolving credit facility as of September 30, 2024.

During the nine months ended September 30, 2024, we repaid $370 million of principal related to our revolving credit facility. No material gain or loss was recorded as a result of this repayment.

On October 31, 2024, we drew down $585 million from our senior secured revolving credit facility, and on November 1, 2024, we used these funds to repay the $575 million principal amount plus accrued interest on our 4.875% senior notes. As a result of this drawdown, the 4.875% senior notes were classified as long-term debt as of September 30, 2024 due to utilizing our revolving credit facility for the payment which has a maturity date in 2029, as amended below.

On November 5, 2024, we amended our senior secured credit facility and entered into Amendment No. 12 (the “Amendment”) to our Credit Agreement, dated as of May 6, 2010 (as amended, restated, supplemented or modified prior to Amendment No. 12, the “Credit Agreement” and as amended by Amendment No. 12, the “Amended Credit Agreement”). The Amendment added a venue expansion revolving credit facility of $400 million, which resulted in a total available borrowing capacity of $1.7 billion.

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The Amended Credit Agreement contains a financial covenant that requires the Company to maintain a maximum ratio of consolidated net debt to consolidated EBITDA (both as defined in the Amended Credit Agreement) that ranges from 6.75x to 5.25x, with the first step down of 0.50x occurring on March 31, 2026 and additional step downs of 0.50x occurring annually thereafter.

The new revolving credit facility matures on November 5, 2029, provided, that if (x) any of the term B loans, the Company’s 2027 senior secured notes, or the Company’s 2027 senior unsecured notes remain outstanding on the date that is ninety-one days prior to the stated maturity thereof in an aggregate principal amount in excess of $500.0 million and (y) the Company’s consolidated free cash on such date is less than the sum of such outstanding principal amount plus $500.0 million, then the maturity date of the new revolving credit facility will instead be such date.

Debt Covenants

As of September 30, 2024, we believe we were in compliance with all of our debt covenants related to our senior secured credit facility and our corporate senior secured notes, senior notes and convertible senior notes. We expect to remain in compliance with all of these covenants throughout 2024.

Uses of Cash

Acquisitions

During the nine months ended September 30, 2024, we completed various acquisitions that resulted in cash paid, net of cash acquired of $49.5 million.

Capital Expenditures

Venue and ticketing operations require ongoing investment in our existing venues and ticketing systems to address fan and artist expectations, technological industry advances and various federal, state and/or local regulations.

We categorize capital outlays between revenue generating capital expenditures and maintenance capital expenditures. Revenue generating capital expenditures are primarily focused on our global venue expansion strategy as we connect more artists to their global fan base and major renovations to buildings to enhance the fan experience and drive improvements in our hospitality efforts including onsite spending and premium experiences. In addition, in Ticketing, we continue to develop new ticketing tools and technology enhancements. Revenue generating capital expenditures can also include smaller projects whose purpose is to increase revenue and/or improve operating income. Maintenance capital expenditures are associated with the renewal and improvement of existing venues and technology systems, web development and administrative offices. Capital expenditures typically increase during periods when our venues are not in operation since that is the time that such improvements can be completed.

Our capital expenditures, including accruals for amounts incurred but not yet paid for, but net of expenditures funded by outside parties such as landlords and noncontrolling interest partners or expenditures funded by insurance proceeds, consisted of the following:

			Nine Months Ended September 30,
			2024						2023
			(in thousands)
Revenue generating			$	363,576					$	185,148
Maintenance			81,529						72,546
Total capital expenditures			$	445,105					$	257,694

Revenue generating capital expenditures during the first nine months of 2024 increased from the same period of the prior year primarily due to enhancements at our theaters and amphitheaters in the United States as well as a stadium in South America.

We expect capital expenditures to be approximately $700 million for the year ending December 31, 2024 with approximately 75% of the capital expenditures on revenue generating projects.

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Cash Flows

			Nine Months Ended September 30,
			2024						2023
			(in thousands)
Cash provided by (used in):
Operating activities			$	680,052					$	754,621
Investing activities			$	(642,798)					$	(463,964)
Financing activities			$	(692,460)					$	44,932

Operating Activities

Cash provided by operating activities decreased $74.6 million for the nine months ended September 30, 2024 as compared to the same period of the prior year primarily due to lower net income, changes in the fair value of contingent consideration and higher gain on mark-to-market of investments partially offset by changes in operating assets and liabilities from timing of events on sale, payments and receipts.

Investing Activities

Cash used in investing activities increased $178.8 million for the nine months ended September 30, 2024 as compared to the prior year primarily due to higher purchases of property, plant and equipment in 2024 for revenue generating capital expenditures as well as higher cash paid for acquisitions, net of cash acquired. See “—Uses of Cash - Acquisitions and Capital Expenditures” above for further discussion.

Financing Activities

Cash used in financing activities was $692.5 million for the nine months ended September 30, 2024 as compared to cash provided by financing activities of $44.9 million for the same period of the prior year primarily due to higher proceeds from long-term debt in 2023 from the issuance of our 3.125% convertible senior notes, which was partially offset by lower payments on long-term debt during 2024 compared to 2023. See “—Sources of Cash” above for further discussion.

Seasonality

Information regarding the seasonality of our business can be found in Part I—Financial Information—Item 1.—Financial Statements—Note 1 – Basis of Presentation and Other Information.

Market Risk

We are exposed to market risks arising from changes in market rates and prices, including movements in foreign currency exchange rates and interest rates.

Foreign Currency Risk

We have operations in countries throughout the world. The financial results of our foreign operations are measured in their local currencies. Our foreign subsidiaries also carry certain net assets or liabilities that are denominated in a currency other than that subsidiary’s functional currency. As a result, our financial results could be affected by factors such as changes in foreign currency exchange rates or weak economic conditions in the foreign markets in which we have operations. We operate in certain countries that are hyper-inflationary, for example Argentina, however the impact of these currencies did not have a material impact on our statement of operations for the three and nine months ended September 30, 2024 and 2023. Our foreign operations reported an operating income of $523.8 million for the nine months ended September 30, 2024. We estimate that a 10% change in the value of the United States dollar relative to foreign currencies would change our operating income for the nine months ended September 30, 2024 by $52.4 million. As of September 30, 2024, our most significant foreign exchange exposure included the Euro, British Pound, Australian Dollar, Canadian Dollar and Mexican Peso. This analysis does not consider the implication such currency fluctuations could have on the overall economic conditions of the United States or other foreign countries in which we operate or on the results of operations of our foreign entities. In addition, the reported carrying value of our assets and liabilities, including the total cash and cash equivalents held by our foreign operations, will also be affected by changes in foreign currency exchange rates.

We primarily use forward currency contracts, in addition to options, to reduce our exposure to foreign currency risk associated with short-term artist fee commitments. At September 30, 2024, we had forward currency contracts outstanding with an aggregate notional amount of $244.6 million.

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Interest Rate Risk

Our market risk is also affected by changes in interest rates. We had $6.3 billion of total debt, excluding unamortized debt discounts and issuance costs, outstanding as of September 30, 2024. Of the total amount, we had $5.8 billion of fixed-rate debt and $465.9 million of floating-rate debt.

Based on the amount of our floating-rate debt as of September 30, 2024, each 25-basis point increase or decrease in interest rates would increase or decrease our annual interest expense and cash outlay by approximately $1.2 million. This potential increase or decrease is based on the simplified assumption that the level of floating-rate debt remains constant with an immediate across-the-board increase or decrease as of September 30, 2024 with no subsequent change in rates for the remainder of the period.

In January 2020, we entered into an interest rate swap agreement that is designated as a cash flow hedge for accounting purposes to effectively convert a portion of our floating-rate debt to a fixed-rate basis. The agreement was amended in February 2023 for the transition from LIBOR to SOFR. The swap agreement expires in October 2026, has a notional amount of $500.0 million and ensures that a portion of our floating-rate debt does not exceed 3.445%.

Accounting and Other Pronouncements

Information regarding recently issued and adopted accounting pronouncements can be found in Part I — Financial Information—Item 1.—Financial Statements—Note 1 – Basis of Presentation and Other Information.

In August 2022, the Inflation Reduction Act (IRA) was enacted in the United States, which includes health care, clean energy, and income tax provisions. The income tax provisions amend the Internal Revenue Code to include a 15% corporate alternative minimum tax effective for tax years beginning after December 31, 2022. On September 12, 2024, the Internal Revenue Service released proposed regulations which provide guidance on the application of the corporate alternative minimum tax. The company is assessing the impact of the proposed regulations; however, it does not expect the IRA to have a material impact on the 2024 financial statements. We will continue to monitor to ensure our financial results and related tax disclosures are in compliance with the IRA tax legislation.

On December 20, 2021, the Organization for Economic Co-operation and Development (“OECD”) released Pillar Two model rules designed to ensure large multinational enterprises (“MNE”) pay a minimum level of tax arising in each jurisdiction they operate. Over 135 jurisdictions joined a plan to update key elements of the international tax system and provide for a coordinated system of taxation that imposes top-up tax on profits arising in a jurisdiction whenever the effective rate is below the minimum rate. Effective January 1, 2024, many of these jurisdictions have enacted a global 15% minimum effective tax rate. This minimum rate applies to MNE’s with consolidated revenue above €750 million. While additional guidance is expected from the OECD in 2024, we do not expect The Pillar Two rules to have a material impact to our financial statement income or tax cash flows for the current period. We will continue to monitor further guidance from the OECD and evaluate any impact it may have to our consolidated financial results.

Critical Accounting Policies and Estimates

The preparation of our financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. On an ongoing basis, we evaluate our estimates that are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The result of these evaluations forms the basis for making judgments about the carrying values of assets and liabilities and the reported amount of revenue and expenses that are not readily apparent from other sources. Because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such difference could be material.

Management believes that the accounting estimates involved in business combinations, impairment of long-lived assets and goodwill, revenue recognition, and income taxes are the most critical to aid in fully understanding and evaluating our reported financial results, and they require management’s most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain. These critical accounting estimates, the judgments and assumptions and the effect if actual results differ from these assumptions are described in Part II—Financial Information—Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2023 Annual Report on Form 10-K filed with the SEC on February 22, 2024.

There have been no changes to our critical accounting policies during the nine months ended September 30, 2024.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Required information is within Part I — Financial Information—Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Market Risk.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We have established disclosure controls and procedures to ensure that material information relating to our company, including our consolidated subsidiaries, is made known to the officers who certify our financial reports and to other members of senior management and our board of directors.

Based on their evaluation as of September 30, 2024, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) are effective to ensure that (1) the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (2) the information we are required to disclose in such reports is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or internal controls will prevent all possible errors and fraud. Our disclosure controls and procedures are, however, designed to provide reasonable assurance of achieving their objectives, and our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective at that reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

40

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

Information regarding our legal proceedings can be found in Part I—Financial Information—Item 1. Financial Statements—Note 6 – Commitments and Contingent Liabilities.

Item 1A. Risk Factors

While we attempt to identify, manage and mitigate risks and uncertainties associated with our business to the extent practical under the circumstances, some level of risk and uncertainty will always be present. Part I—Item 1A.—Risk Factors of our 2023 Annual Report on Form 10-K filed with the SEC on February 22, 2024, describes some of the risks and uncertainties associated with our business which could materially and adversely affect our business, financial condition, cash flows and results of operations, and the trading price of our common stock could decline as a result. We do not believe that there have been any material changes to the risk factors previously disclosed in our 2023 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchase of Equity Securities

The following table provides information regarding repurchases of our common stock during the three months ended September 30, 2024:

Period						Total Number of Shares Purchased (1)						Average Price Paid per Share (1)						Total Number of Shares Purchased as Part of Publicly Announced Program (2)						Maximum Fair Value of Shares that May Yet Be Purchased Under the Program (2)
July 2024						15,172						$95.88
August 2024						4,923						$91.56
September 2024						4,100						$96.33
						24,195
(1) Represents shares of common stock that employees surrendered as part of the default option to satisfy withholding taxes in connection with the vesting of restricted stock awards under our stock incentive plan. Pursuant to the terms of our stock plan, such shares revert to available shares under the plan.
(2) We do not have a publicly announced program to purchase shares of our common stock. Accordingly, there were no shares purchased as part of a publicly announced program.

Item 3. Defaults Upon Senior Securities

None.

Item 5. Other Information

No director or officer adopted or terminated any Rule 10b5-1 plan, or any other written trading arrangement that meets the requirements of a “non-Rule 10b5-1 trading arrangement” during the three months ended September 30, 2024.

On November 5, 2024, we amended our senior secured credit facility and entered into Amendment No. 12 (the “Amendment”) to our Credit Agreement, dated as of May 6, 2010 (as amended, restated, supplemented or modified prior to Amendment No. 12, the “Credit Agreement” and as amended by Amendment No. 12, the “Amended Credit Agreement”). The Amendment added a venue expansion revolving credit facility of $400 million, which resulted in a total available borrowing capacity of $1.7 billion.

The Amended Credit Agreement contains a financial covenant that requires the Company to maintain a maximum ratio of consolidated net debt to consolidated EBITDA (both as defined in the Amended Credit Agreement) that ranges from 6.75x to 5.25x, with the first step down of 0.50x occurring on March 31, 2026 and additional step downs of 0.50x occurring annually thereafter.

The new revolving credit facility matures on November 5, 2029, provided, that if (x) any of the term B loans, the Company’s 2027 senior secured notes, or the Company’s 2027 senior unsecured notes remain outstanding on the date that is ninety-one days prior to the stated maturity thereof in an aggregate principal amount in excess of $500.0 million and (y) the Company’s consolidated free cash on such date is less than the sum of such outstanding principal amount plus $500.0 million, then the maturity date of the new revolving credit facility will instead be such date.

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Item 6. Exhibits

Exhibit Description

Incorporated by Reference

Filed Herewith

Exhibit No.

Form

File No.

Exhibit No.

Filing Date

31.1

Certification of Chief Executive Officer.

X

31.2

Certification of Chief Financial Officer.

X

32.1

Section 1350 Certification of Chief Executive Officer.

X

32.2

Section 1350 Certification of Chief Financial Officer.

X

101.INS

XBRL Instance Document - this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

X

101.SCH

XBRL Taxonomy Schema Document.

X

101.CAL

XBRL Taxonomy Calculation Linkbase Document.

X

101.DEF

XBRL Taxonomy Definition Linkbase Document.

X

101.LAB

XBRL Taxonomy Label Linkbase Document.

X

101.PRE

XBRL Taxonomy Presentation Linkbase Document.

X

104

Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)

X

§ Management contract or compensatory plan or arrangement.

42

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on November 12, 2024.

 

LIVE NATION ENTERTAINMENT, INC.
By:			/s/ Brian Capo
			Brian Capo
			Chief Accounting Officer (Duly Authorized Officer)

43

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

CERTIFICATION

I, Michael Rapino, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Live Nation Entertainment, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 12, 2024
By:			/s/ Michael Rapino
			Michael Rapino
			President and Chief Executive Officer

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

CERTIFICATION

I, Joe Berchtold, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Live Nation Entertainment, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 12, 2024
By:			/s/ Joe Berchtold
			Joe Berchtold
			President and Chief Financial Officer

Exhibit 32.1

SECTION 1350 CERTIFICATION OF CHIEF EXECUTIVE OFFICER

In connection with this Quarterly Report of Live Nation Entertainment, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Rapino, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date:			November 12, 2024
By:			/s/ Michael Rapino
			Michael Rapino
			President and Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2

SECTION 1350 CERTIFICATION OF CHIEF FINANCIAL OFFICER

In connection with this Quarterly Report of Live Nation Entertainment, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Joe Berchtold, President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date:			November 12, 2024
By:			/s/ Joe Berchtold
			Joe Berchtold
			President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

DOCUMENT - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-32601
Entity Registrant Name	LIVE NATION ENTERTAINMENT, INC.
Entity Central Index Key	0001335258
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3247759
Entity Address, Address Line One	9348 Civic Center Drive
Entity Address, City or Town	Beverly Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90210
City Area Code	310
Local Phone Number	867-7000
Title of 12(b) Security	Common stock, $.01 Par Value Per Share
Trading Symbol	LYV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		232,353,685

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 5,489,919	$ 6,231,866
Accounts receivable	2,693,998	2,024,649
Prepaid expenses	1,446,397	1,147,581
Restricted cash	10,884	7,090
Other current assets	133,956	122,163
Total current assets	9,775,154	9,533,349
Property, plant and equipment, net	2,375,868	2,101,463
Operating lease assets	1,642,298	1,606,389
Intangible assets
Definite-lived intangible assets, net	1,047,987	1,161,621
Indefinite-lived intangible assets, net	380,458	377,349
Goodwill	2,670,008	2,691,466
Long-term advances	577,229	623,154
Other long-term assets	1,278,068	934,849
Total assets	19,747,070	19,029,640
Current liabilities
Accounts payable, client accounts	2,081,034	1,866,864
Accounts payable	294,765	267,493
Accrued expenses	3,454,183	3,030,812
Deferred revenue	3,034,514	3,398,028
Current portion of long-term debt, net	582,088	1,134,386
Current portion of operating lease liabilities	167,035	158,421
Other current liabilities	66,959	128,430
Total current liabilities	9,680,578	9,984,434
Long-term debt, net	5,672,804	5,459,026
Long-term operating lease liabilities	1,766,897	1,686,091
Other long-term liabilities	673,141	488,159
Commitments and contingent liabilities (see Note 6)
Redeemable noncontrolling interests	1,023,907	859,930
Stockholders' equity
Common stock	2,310	2,298
Additional paid-in capital	2,214,938	2,367,918
Accumulated deficit	(1,747,806)	(2,443,106)
Cost of shares held in treasury	(6,865)	(6,865)
Accumulated other comprehensive income (loss)	(174,611)	27,450
Total Live Nation stockholders' equity	287,966	(52,305)
Noncontrolling interests	641,777	604,305
Total equity	929,743	552,000
Total liabilities and equity	$ 19,747,070	$ 19,029,640

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Allowance for doubtful accounts	$ 87,122	$ 82,350

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023		Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 7,651,087	$ 8,154,563	[1]	$ 17,474,032	$ 16,907,636	[1]
Operating expenses:
Direct operating expenses	5,780,188	6,297,883		12,839,737	12,589,606
Selling, general and administrative expenses	1,005,418	974,150		2,913,199	2,533,066
Depreciation and amortization	137,001	130,653		407,324	382,352
Gain (Loss) on Disposition of Other Assets	3,968	1,583		5,398	8,092
Corporate expenses	92,923	99,802		255,216	244,295
Operating income	639,525	653,658	[2]	1,063,954	1,166,409	[2]
Interest expense	87,961	86,215		248,622	257,425
Loss on extinguishment of debt	0	0		0	18,366
Interest income	(36,067)	(78,107)		(123,749)	(174,872)
Equity in losses (earnings) of nonconsolidated affiliates	13,987	(5,382)		8,527	(15,047)
Other expense (income), net	(12,268)	19,251		(110,064)	24,235
Income before income taxes	585,912	631,681		1,040,618	1,056,302
Income tax expense	70,229	50,269		191,412	127,070
Net income	515,683	581,412		849,206	929,232
Net income attributable to noncontrolling interests	63,878	59,932		153,906	139,405
Net income attributable to common stockholders of Live Nation	$ 451,805	$ 521,480		$ 695,300	$ 789,827
Basic net income per common share available to common stockholders of Live Nation	$ 1.72	$ 2.01		$ 2.21	$ 2.70
Diluted net income per common share available to common stockholders of Live Nation	$ 1.66	$ 1.93		$ 2.18	$ 2.66
Weighted average common shares outstanding:
Basic	230,374,307	228,787,263		229,923,989	228,497,712
Diluted	245,319,968	244,163,678		235,928,752	235,146,395
Reconciliation to net income (loss) available to common stockholders of Live Nation:
Net income attributable to common stockholders of Live Nation	$ 451,805	$ 521,480		$ 695,300	$ 789,827
Accretion of redeemable noncontrolling interests	(54,536)	(60,882)		(186,970)	(172,436)
Net income available to common stockholders of Live Nation—basic	397,269	460,598		508,330	617,391
Convertible debt interest, net of tax	10,790	10,877		6,971	7,835
Net income available to common stockholders of Live Nation—diluted	$ 408,059	$ 471,475		$ 515,301	$ 625,226
[1] Prior period revenue was restated as further discussed in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the three and nine months ended September 30, 2023, the restatement decreased our Concerts segment revenue by $2.5 million and $2.5 million, respectively. For the three months ended September 30, 2023, the restatement increased our Ticketing segment revenue by $5.0 million. [2] For the three and nine months ended September 30, 2023, the restatement increased our AOI and operating income by $35.1 million and $18.7 million, respectively. See further discussion in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 515,683	$ 581,412	$ 849,206	$ 929,232
Other comprehensive income, net of tax:
Unrealized gain (loss) on cash flow hedge	(8,062)	6,293	3,320	14,002
Realized gain on cash flow hedge	(4,878)	(4,632)	(14,370)	(12,436)
Foreign currency translation adjustments	(38,915)	(48,672)	(191,011)	100,752
Comprehensive income	463,828	534,401	647,145	1,031,550
Comprehensive income attributable to noncontrolling interests	63,878	59,932	153,906	139,405
Comprehensive income attributable to common stockholders of Live Nation	$ 399,950	$ 474,469	$ 493,239	$ 892,145

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Treasury Stock, Common	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]	Redeemable Noncontrolling Interests [Member]
Balances (in shares) at Dec. 31, 2022		228,498,102
Balances at Dec. 31, 2022	$ 65,027	$ 2,285	$ 2,698,316	$ (2,999,999)	$ (6,865)	$ (90,076)	$ 461,366
Equity [Roll Forward]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period		58
Non-cash and stock-based compensation	81,871		81,871
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares)		229,406
Common stock issued under stock plans, net of shares withheld for employee taxes	(9,001)	$ 2	(9,003)
Exercise of stock options, net of shares withheld for option cost and employee taxes (in shares)		373,066
Exercise of stock options	8,343	$ 4	8,339
Conversion of convertible debt (in shares)		156,750
Acquisitions	2
Capped call transactions for 3.125% convertible senior notes due 2029	(75,500)		75,500
Repurchase of 2.5% convertible senior notes due 2023	(27,325)		(27,327)
Acquisitions	116,630						116,630
Purchases of noncontrolling interests	(120,811)		(93,721)				(27,090)
Redeemable noncontrolling interests fair value adjustments	(171,673)		(171,673)
Contributions received	15,403						15,403
Cash distributions	(88,182)						(88,182)
Other	56,484						56,484
Comprehensive income (loss):
Net income (loss)	898,434			789,827			108,607
Unrealized gain (loss) on cash flow hedge	14,002					14,002
Realized gain on cash flow hedge	(12,436)					(12,436)
Foreign currency translation adjustments	100,752					100,752		$ 0
Balances at Sep. 30, 2023	852,018	$ 2,293	2,411,302	(2,210,172)	(6,865)	12,242	643,218
Balances (in shares) at Sep. 30, 2023		229,257,382
Balances at Dec. 31, 2022								660,119
Redeemable Noncontrolling Interests [Roll Forward]
Acquisitions								46,707
Purchases of noncontrolling interests								(4,839)
Redeemable noncontrolling interests fair value adjustments								171,673
Contribution received								85
Cash distributions								(65,607)
Other								(15,612)
Comprehensive income (loss):
Net income (loss)								30,798
Balances at Sep. 30, 2023								823,324
Balances (in shares) at Jun. 30, 2023		229,084,194
Balances at Jun. 30, 2023	320,493	$ 2,291	2,438,660	(2,731,652)	(6,865)	59,253	558,806
Equity [Roll Forward]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period		58
Non-cash and stock-based compensation	26,537		26,537
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares)		11,905
Common stock issued under stock plans, net of shares withheld for employee taxes	(537)		(537)
Exercise of stock options, net of shares withheld for option cost and employee taxes (in shares)		161,225
Acquisitions	3,344	$ 2	3,342
Acquisitions	49,387						49,387
Divestitures							0
Purchases of noncontrolling interests	3,927		3,927
Redeemable noncontrolling interests fair value adjustments	(60,627)		(60,627)
Contributions received	772						772
Cash distributions	(13,489)						(13,489)
Other	2,164						2,164
Comprehensive income (loss):
Net income (loss)	567,058			521,480			45,578
Unrealized gain (loss) on cash flow hedge	6,293					6,293
Realized gain on cash flow hedge	(4,632)					(4,632)
Foreign currency translation adjustments	(48,672)					(48,672)
Balances at Sep. 30, 2023	852,018	$ 2,293	2,411,302	(2,210,172)	(6,865)	12,242	643,218
Balances (in shares) at Sep. 30, 2023		229,257,382
Balances at Jun. 30, 2023								738,329
Redeemable Noncontrolling Interests [Roll Forward]
Acquisitions								20,411
Purchases of noncontrolling interests								(5,498)
Redeemable noncontrolling interests fair value adjustments								60,627
Contribution received								0
Cash distributions								(2,691)
Other								(2,208)
Comprehensive income (loss):
Net income (loss)								14,354
Balances at Sep. 30, 2023								823,324
Balances (in shares) at Dec. 31, 2023		229,785,241
Balances at Dec. 31, 2023	552,000	$ 2,298	2,367,918	(2,443,106)	(6,865)	27,450	604,305
Equity [Roll Forward]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period		0
Non-cash and stock-based compensation	86,969		86,969
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares)		530,107
Common stock issued under stock plans, net of shares withheld for employee taxes	(40,873)	$ 5	(40,878)
Exercise of stock options, net of shares withheld for option cost and employee taxes (in shares)		678,006
Exercise of stock options	19,342	$ 7	19,335
Capped call transactions for 3.125% convertible senior notes due 2029	0
Acquisitions	54,594						54,594
Purchases of noncontrolling interests	(44,956)		(29,692)				(15,264)
Redeemable noncontrolling interests fair value adjustments	(188,714)		(188,714)
Contributions received	3,000						3,000
Cash distributions	(126,054)						(126,054)
Other	5,182		0				5,182
Comprehensive income (loss):
Net income (loss)	811,314			695,300			116,014
Unrealized gain (loss) on cash flow hedge	3,320					3,320
Realized gain on cash flow hedge	(14,370)					(14,370)
Foreign currency translation adjustments	(191,011)					(191,011)	0	0
Balances at Sep. 30, 2024	929,743	$ 2,310	2,214,938	(1,747,806)	(6,865)	(174,611)	641,777
Balances (in shares) at Sep. 30, 2024		230,993,354
Balances at Dec. 31, 2023	859,930							859,930
Redeemable Noncontrolling Interests [Roll Forward]
Acquisitions								45,378
Purchases of noncontrolling interests								(32,296)
Redeemable noncontrolling interests fair value adjustments								189,366
Contribution received								0
Cash distributions								(73,780)
Other								(2,583)
Comprehensive income (loss):
Net income (loss)								37,892
Balances at Sep. 30, 2024	1,023,907							1,023,907
Balances (in shares) at Jun. 30, 2024		230,711,943
Balances at Jun. 30, 2024	508,074	$ 2,307	2,240,759	(2,199,611)	(6,865)	(122,756)	594,240
Equity [Roll Forward]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period		0
Non-cash and stock-based compensation	23,829		23,829
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares)		30,770
Common stock issued under stock plans, net of shares withheld for employee taxes	(2,322)	$ 0	(2,322)
Exercise of stock options, net of shares withheld for option cost and employee taxes (in shares)		250,641
Exercise of stock options	6,523	$ 3	6,520
Acquisitions	17,216						17,216
Purchases of noncontrolling interests	(363)		(363)				0
Redeemable noncontrolling interests fair value adjustments	(53,485)		(53,485)
Contributions received	3,000						3,000
Cash distributions	(21,827)						(21,827)
Other	4,420		0				4,420
Comprehensive income (loss):
Net income (loss)	496,533			451,805			44,728
Unrealized gain (loss) on cash flow hedge	(8,062)					(8,062)
Realized gain on cash flow hedge	(4,878)					(4,878)
Foreign currency translation adjustments	(38,915)					(38,915)		0
Balances at Sep. 30, 2024	929,743	$ 2,310	$ 2,214,938	$ (1,747,806)	$ (6,865)	$ (174,611)	$ 641,777
Balances (in shares) at Sep. 30, 2024		230,993,354
Balances at Jun. 30, 2024								970,574
Redeemable Noncontrolling Interests [Roll Forward]
Acquisitions								9,606
Purchases of noncontrolling interests								(21,283)
Redeemable noncontrolling interests fair value adjustments								53,549
Contribution received								(28)
Cash distributions								(6,099)
Other								(1,562)
Comprehensive income (loss):
Net income (loss)								19,150
Balances at Sep. 30, 2024	$ 1,023,907							$ 1,023,907

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 849,206	$ 929,232
Reconciling items:
Depreciation	221,841	193,654
Amortization of definite-lived intangibles and indefinite-lived intangibles impairment loss	185,483	188,698
Amortization of non-recoupable ticketing contract advances	62,237	58,518
Deferred income tax benefit	(14,059)	(10,419)
Amortization of debt issuance costs and discounts	13,168	13,707
Loss on extinguishment of debt	0	18,366
Stock-based compensation expense	85,450	85,905
Unrealized changes in fair value of contingent consideration	(22,453)	42,092
Equity in losses of nonconsolidated affiliates, net of distributions	20,586	7,013
Provision for uncollectible accounts receivable	(1,101)	35,707
Gain on mark-to-market of investments in nonconsolidated affiliates	(100,048)	(46,720)
Other, net	(11,618)	(12,249)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable	(565,093)	(1,030,453)
Increase in prepaid expenses and other assets	(341,941)	(479,434)
Increase in accounts payable, accrued expenses and other liabilities	586,960	903,597
Decrease in deferred revenue	(288,566)	(142,593)
Net cash provided by operating activities	680,052	754,621
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable	(92,895)	(129,532)
Collections of notes receivable	22,789	9,550
Investments made in nonconsolidated affiliates	(34,479)	(45,439)
Purchases of property, plant and equipment	(491,750)	(304,882)
Cash acquired from (paid for) acquisitions, net of cash paid (acquired)	(49,456)	29,151
Purchases of intangible assets	(8,390)	(36,653)
Other, net	11,383	13,841
Net cash used in investing activities	(642,798)	(463,964)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs	2,038	988,310
Payments on long-term debt	(384,567)	(625,659)
Contributions from noncontrolling interests	3,000	15,488
Distributions to noncontrolling interests	(199,834)	(153,789)
Purchases of noncontrolling interests, net	(69,935)	(89,819)
Capped call transactions for 3.125% convertible senior notes due 2029	0	(75,500)
Proceeds from exercise of stock options	19,342	8,343
Taxes paid for net share settlement of equity awards	(40,873)	(9,001)
Payments for deferred and contingent consideration	(21,581)	(13,690)
Other, net	(50)	249
Net cash provided by (used in) financing activities	(692,460)	44,932
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(82,947)	(421)
Net increase (decrease) in cash, cash equivalents and restricted cash	(738,153)	335,168
Cash, cash equivalents and restricted cash at beginning of period	6,238,956	5,620,194
Cash, cash equivalents and restricted cash at end of period	$ 5,500,803	$ 5,955,362

BASIS OF PRESENTATION AND OTHER INFORMATION	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND OTHER INFORMATION	Preparation of Interim Financial Statements The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, they include all normal and recurring accruals and adjustments necessary to present fairly the results of the interim periods shown. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K filed with the SEC on February 22, 2024. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals, acquisition accounting and impairments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Seasonality Our Concerts and Sponsorship & Advertising segments typically experience higher revenue and operating income in the second and third quarters as our outdoor venue concerts and festivals primarily occur from May through October in most major markets. Our Ticketing segment revenue is impacted by fluctuations in the availability and timing of events for sale to the public, which vary depending upon scheduling by our clients. Cash flows from our Concerts segment typically have a slightly different seasonality as partial payments are often made for artist performance fees and production costs for tours in advance of the date the related event tickets go on sale. These artist fees and production costs are expensed when the event occurs. Once tickets for an event go on sale, we generally begin to receive payments from ticket sales in advance of when the event occurs. In the United States, this cash is largely associated with events in our operated venues, notably amphitheaters, festivals, theaters and clubs. Internationally, this cash is from a combination of both events in our owned or operated venues, as well as events in third-party venues associated with our promoter’s share of tickets in allocation markets. We record these ticket sales as revenue when the event occurs. Our seasonality also results in higher balances in cash and cash equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at different times in the year. We expect our seasonality trends to evolve as we continue to expand our global operations. Variable Interest Entities In the normal course of business, we enter into joint ventures or make investments in companies that will allow us to expand our core business and enter new markets. In certain instances, such ventures or investments may be considered a VIE because the equity at risk is insufficient to permit it to carry on its activities without additional financial support from its equity owners. In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct activities that most significantly impact the economic performance of the entity and have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The activities we believe most significantly impact the economic performance of our VIEs include the unilateral ability to approve the annual budget, to terminate key management and to approve entering into agreements with artists, among others. We have certain rights and obligations related to our involvement in the VIEs, including the requirement to provide operational cash flow funding. As of September 30, 2024 and December 31, 2023, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $855 million and $940 million of assets and $580 million and $592 million of liabilities, respectively, related to VIEs included in our balance sheets. None of our VIEs are significant on an individual basis. Cash and Cash Equivalents Included in the September 30, 2024 and December 31, 2023 cash and cash equivalents balance is $1.6 billion and $1.5 billion, respectively, of cash received that includes the face value of tickets sold on behalf of our ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to our clients on a regular basis. These amounts due to our clients are included in accounts payable, client accounts. Income Taxes Each reporting period, we evaluate the realizability of our deferred tax assets in each tax jurisdiction. As of September 30, 2024, we continued to maintain a full valuation allowance against our net deferred tax assets in certain jurisdictions, including the United States, due to cumulative pre-tax losses. As a result of the valuation allowances, no tax benefits have been recognized for any losses incurred in those tax jurisdictions for the first nine months of 2024. Accounting Pronouncements In June 2022, the FASB issued Accounting Standards Update 2022-03, which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. We adopted this guidance on January 1, 2024. The adoption did not and is not expected to have a material impact on our consolidated financial statements. In November 2023, the FASB issued Accounting Standards Update 2023-07, which expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss. This guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance.

LONG-LIVED ASSETS	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Property, Plant, and Equipment and Intangible Assets	Property, Plant and Equipment, Net Property, plant and equipment includes expenditures for the construction of new venues, major renovations to existing buildings or buildings that are being added to our venue network, the development of new ticketing tools and technology enhancements along with the renewal and improvement of existing venues and technology systems, web development and administrative offices. Property, plant and equipment, net, consisted of the following: September 30, 2024 December 31, 2023 (in thousands) Land, buildings and improvements $ 2,243,158  $ 2,043,595  Computer equipment and capitalized software 926,193  888,065  Furniture and other equipment 744,635  646,966  Construction in progress 399,353  317,028  Property, plant and equipment, gross 4,313,339  3,895,654  Less: accumulated depreciation 1,937,471  1,794,191  Property, plant and equipment, net $ 2,375,868  $ 2,101,463  Definite-lived Intangible Assets The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the nine months ended September 30, 2024: Revenue- generating contracts Client / vendor relationships Venue management Trademarks and naming rights Technology and Other (1) Total (in thousands) Balance as of December 31, 2023: Gross carrying amount $ 925,257  $ 583,436  $ 226,788  $ 183,493  $ 20,220  $ 1,939,194  Accumulated amortization (336,625) (251,649) (79,218) (104,036) (6,045) (777,573) Net 588,632  331,787  147,570  79,457  14,175  1,161,621  Gross carrying amount: Acquisitions and additions—current year 68,453  48,937  1,256  3,000  7,939  129,585  Acquisitions and additions—prior year 826  4,066  453  (2) —  5,343  Foreign exchange (58,063) (16,985) (2,191) (8,810) (94) (86,143) Other (2) (15,575) (20,132) (23,930) (3,213) (823) (63,673) Net change (4,359) 15,886  (24,412) (9,025) 7,022  (14,888) Accumulated amortization: Amortization (82,677) (64,266) (17,887) (13,585) (6,535) (184,950) Foreign exchange 15,438  4,612  107  2,521  (12) 22,666  Other (2) 15,575  20,132  24,032  2,863  936  63,538  Net change (51,664) (39,522) 6,252  (8,201) (5,611) (98,746) Balance as of September 30, 2024: Gross carrying amount 920,898  599,322  202,376  174,468  27,242  1,924,306  Accumulated amortization (388,289) (291,171) (72,966) (112,237) (11,656) (876,319) Net $ 532,609  $ 308,151  $ 129,410  $ 62,231  $ 15,586  $ 1,047,987  (1) Other primarily includes intangible assets for non-compete agreements. (2) Other primarily includes netdowns of fully amortized or impaired assets. Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisitions of a festival promotion business, an artist management business and a concert promotion company, all located in the United States. The 2024 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows: Weighted- Average Life (years) Revenue-generating contracts 9 Client/vendor relationships 5 Trademarks and naming rights 10 Venue management 3 Technology 3 All categories 7 Amortization of definite-lived intangible assets for the three months ended September 30, 2024 and 2023 was $61.3 million and $63.4 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $185.0 million and $176.1 million, respectively. As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary. Goodwill The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the nine months ended September 30, 2024: Concerts Ticketing Sponsorship & Advertising Total (in thousands) Balance as of December 31, 2023: Goodwill $ 1,439,579  $ 1,012,530  $ 674,720  $ 3,126,829  Accumulated impairment losses (435,363) —  —  (435,363)                  Net 1,004,216  1,012,530  674,720  2,691,466  Acquisitions—current year 25,797  507  1,015  27,319  Acquisitions—prior year 4,136  —  —  4,136  Foreign exchange 911  (31,056) (22,768) (52,913) Balance as of September 30, 2024: Goodwill 1,470,423  981,981  652,967  3,105,371  Accumulated impairment losses (435,363) —  —  (435,363)                  Net $ 1,035,060  $ 981,981  $ 652,967  $ 2,670,008  Included in the current year acquisitions amounts above are goodwill primarily associated with the acquisitions of a festival promotion business, an artist management business and a concert promotion company, all located in the United States. We are in various stages of finalizing our acquisition accounting for recent acquisitions, which may include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including goodwill and our allocation between segments. Investments in Nonconsolidated Affiliates At September 30, 2024 and December 31, 2023, we had investments in nonconsolidated affiliates of $514.9 million and $447.5 million, respectively, included in other long-term assets on our consolidated balance sheets.

LEASES	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
LEASES	The significant components of operating lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Operating lease expense $ 64,543  $ 63,954  $ 197,051  $ 206,282  Variable and short-term lease expense 74,936  85,148  148,848  157,453  Sublease income (1,447) (1,865) (4,560) (6,477) Net lease expense $ 138,032  $ 147,237  $ 341,339  $ 357,258  Many of our leases contain contingent rent obligations based on revenue, tickets sold or other variables. Contingent rent obligations, including those related to subsequent changes in the prevailing index or market rate after lease inception, are not included in the initial measurement of the lease asset or liability and are recorded as rent expense in the period that the contingency is resolved. Supplemental cash flow information for our operating leases is as follows: Nine Months Ended September 30, 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 212,983  $ 195,945  Lease assets obtained in exchange for lease obligations, net of terminations $ 200,039  $ 148,960  As of September 30, 2024, we have additional operating leases that have not yet commenced, with total lease payments of $207.0 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from October 2024 to June 2030 with lease terms ranging from 3 to 28 years.

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	Long-term debt, which includes finance leases, consisted of the following: September 30, 2024 December 31, 2023 (in thousands) Senior Secured Credit Facility: Term loan B $ 830,348  $ 836,903  Revolving credit facility —  370,000  6.5% Senior Secured Notes due 2027 1,200,000  1,200,000  3.75% Senior Secured Notes due 2028 500,000  500,000  4.875% Senior Notes due 2024 575,000  575,000  5.625% Senior Notes due 2026 300,000  300,000  4.75% Senior Notes due 2027 950,000  950,000  2.0% Convertible Senior Notes due 2025 400,000  400,000  3.125% Convertible Senior Notes due 2029 1,000,000  1,000,000  Other debt 538,824  511,210  Total principal amount 6,294,172  6,643,113  Less: unamortized discounts and debt issuance costs (39,280) (49,701) Total debt, net of unamortized discounts and debt issuance costs 6,254,892  6,593,412  Less: current portion 582,088  1,134,386  Total long-term debt, net $ 5,672,804  $ 5,459,026  Future maturities of debt at September 30, 2024 are as follows: (in thousands) Remainder of 2024 $ 550,365  2025 56,977  2026 1,398,179  2027 2,153,854  2028 2,091,490  Thereafter 43,307  Total $ 6,294,172  All debt without a stated maturity date is considered current and is reflected as maturing in the earliest period shown in the table above. See Note 5 – Fair Value Measurements for discussion of the fair value measurement of our debt. Other Debt As of September 30, 2024, other debt includes $275.0 million for a note due in 2026 related to an acquisition of a venue in the United States during the first quarter of 2023 and $129.2 million for a Euro-denominated note due in 2024 related to a venue located in Europe. Subsequent Event On October 31, 2024, we drew down $585 million from our senior secured revolving credit facility, and on November 1, 2024, we used these funds to repay the $575 million principal amount plus accrued interest on our 4.875% senior notes. As a result of this drawdown, the 4.875% senior notes were classified as long-term debt as of September 30, 2024 due to utilizing our revolving credit facility for the payment which has a maturity date in 2029, as amended below. On November 5, 2024, we amended our senior secured credit facility and entered into Amendment No. 12 (the “Amendment”) to our Credit Agreement, dated as of May 6, 2010 (as amended, restated, supplemented or modified prior to Amendment No. 12, the “Credit Agreement” and as amended by Amendment No. 12, the “Amended Credit Agreement”). The Amendment added a venue expansion revolving credit facility of $400 million, which resulted in a total available borrowing capacity of $1.7 billion. The Amended Credit Agreement contains a financial covenant that requires the Company to maintain a maximum ratio of consolidated net debt to consolidated EBITDA (both as defined in the Amended Credit Agreement) that ranges from 6.75x to 5.25x, with the first step down of 0.50x occurring on March 31, 2026 and additional step downs of 0.50x occurring annually thereafter. The new revolving credit facility matures on November 5, 2029, provided, that if (x) any of the term B loans, the Company’s 2027 senior secured notes, or the Company’s 2027 senior unsecured notes remain outstanding on the date that is ninety-one days prior to the stated maturity thereof in an aggregate principal amount in excess of $500.0 million and (y) the Company’s consolidated free cash on such date is less than the sum of such outstanding principal amount plus $500.0 million, then the maturity date of the new revolving credit facility will instead be such date.
SUBSEQUENT EVENT	Subsequent Event On October 31, 2024, we drew down $585 million from our senior secured revolving credit facility, and on November 1, 2024, we used these funds to repay the $575 million principal amount plus accrued interest on our 4.875% senior notes. As a result of this drawdown, the 4.875% senior notes were classified as long-term debt as of September 30, 2024 due to utilizing our revolving credit facility for the payment which has a maturity date in 2029, as amended below. On November 5, 2024, we amended our senior secured credit facility and entered into Amendment No. 12 (the “Amendment”) to our Credit Agreement, dated as of May 6, 2010 (as amended, restated, supplemented or modified prior to Amendment No. 12, the “Credit Agreement” and as amended by Amendment No. 12, the “Amended Credit Agreement”). The Amendment added a venue expansion revolving credit facility of $400 million, which resulted in a total available borrowing capacity of $1.7 billion. The Amended Credit Agreement contains a financial covenant that requires the Company to maintain a maximum ratio of consolidated net debt to consolidated EBITDA (both as defined in the Amended Credit Agreement) that ranges from 6.75x to 5.25x, with the first step down of 0.50x occurring on March 31, 2026 and additional step downs of 0.50x occurring annually thereafter. The new revolving credit facility matures on November 5, 2029, provided, that if (x) any of the term B loans, the Company’s 2027 senior secured notes, or the Company’s 2027 senior unsecured notes remain outstanding on the date that is ninety-one days prior to the stated maturity thereof in an aggregate principal amount in excess of $500.0 million and (y) the Company’s consolidated free cash on such date is less than the sum of such outstanding principal amount plus $500.0 million, then the maturity date of the new revolving credit facility will instead be such date.

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Recurring The following table shows the fair value of our significant financial assets that are required to be measured at fair value on a recurring basis, which are classified on the consolidated balance sheets as cash and cash equivalents. Estimated Fair Value September 30, 2024 December 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total (in thousands) Assets: Cash equivalents $ 597,215  $ —  $ 597,215  $ 580,126  $ —  $ 580,126  Interest rate swaps $ —  $ 23,109  $ 23,109  $ —  $ 39,232  $ 39,232  Cash equivalents consist of money market funds. Fair values for cash equivalents are based on quoted prices in an active market. The fair value for our interest rate swaps are based upon inputs corroborated by observable market data with similar tenors. Our outstanding debt held by third-party financial institutions is carried at cost, adjusted for any discounts or debt issuance costs. Our debt is not publicly traded and the carrying amounts typically approximate fair value for debt that accrues interest at a variable rate, which are considered to be Level 2 inputs as defined in the FASB guidance. The following table presents the estimated fair values of our senior secured notes, senior notes and convertible senior notes: Estimated Fair Value at September 30, 2024 December 31, 2023 Level 2 (in thousands) 6.5% Senior Secured Notes due 2027 $ 1,224,780  $ 1,222,608  3.75% Senior Secured Notes due 2028 $ 481,570  $ 469,515  4.875% Senior Notes due 2024 $ 574,402  $ 570,412  5.625% Senior Notes due 2026 $ 299,790  $ 297,606  4.75% Senior Notes due 2027 $ 937,432  $ 913,653  2.0% Convertible Senior Notes due 2025 $ 435,424  $ 423,668  3.125% Convertible Senior Notes due 2029 $ 1,230,620  $ 1,136,160  The estimated fair value of our third-party fixed-rate debt is based on quoted market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs. Non-recurring For the nine months ended September 30, 2024, we recorded a gain related to an investment in a nonconsolidated affiliate of $31.8 million, as well as, a gain related to a warrant in a nonconsolidated affiliate of $38.5 million, as a component of other income, net. To calculate the gain on the investment, we remeasured the investment to fair value of $142.2 million using an observable price from orderly transactions for a similar investment of the same issuer. We remeasured the warrant to fair value of $62.2 million using an option pricing model. For the nine months ended September 30, 2024, we also recorded a gain related to an investment in a nonconsolidated affiliate of $24.4 million, as a component of other income, net. The gain was related to the acquisition of a controlling interest in a concert business, which was previously accounted for as an equity-method investment. To calculate the gain, we remeasured the investment to fair value of $35.9 million using the income approach method. The key inputs in these fair value measurements include a future cash flow projection, including revenue, profit margins, and adjustment related to discount for lack of marketability. The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs. For the nine months ended September 30, 2023, there were no significant non-recurring fair value measurements.

COMMITMENTS AND CONTINGENT LIABILITIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Litigation Astroworld Litigation On November 5, 2021, the Astroworld music festival was held in Houston, Texas. During the course of the festival, ten members of the audience sustained fatal injuries and others suffered non-fatal injuries. Following these events, at least 450 civil lawsuits have been filed against Live Nation Entertainment, Inc. and related entities, asserting insufficient crowd control and other theories, seeking compensatory and punitive damages. Pursuant to a February 2022 order of the state Multidistrict Litigation Panel, matter 21-1033, the civil cases have been assigned to Judge Kristen Hawkins of the 11th District Court of Harris County, Texas, for oversight of pretrial matters under Texas’s rules governing multidistrict litigation. During the nine months ended September 30, 2024, all remaining wrongful death lawsuits were settled, and we began settlement discussions in earnest with certain remaining parties with injury claims. As a result, we have recognized $280 million for the nine months ended September 30, 2024 within selling, general and administrative expenses for the estimated probable losses in excess of our expected insurance recoveries. The amounts recorded as of September 30, 2024 represent our best estimate of the ultimate loss associated with all remaining lawsuits and claims. Our assessment of loss, which resulted from a complex series of judgments about future events and uncertainties, is based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions or recognize additional losses. Department of Justice Complaint In May 2024, the United States Department of Justice, Antitrust Division, together with the attorneys general of twenty-nine states plus the District of Columbia, filed a civil antitrust complaint (the “Complaint”) against Live Nation Entertainment, Inc. and Ticketmaster in the United States District Court for the Southern District of New York alleging violations of various federal and state laws pertaining to antitrust, competition, unlawful or unfair business practices, restraint of trade, and other causes of action. The Complaint requests various forms of relief for the alleged violations, including without limitation the divestiture of Ticketmaster by the Company, cancellation of certain ticketing contracts, enjoining the Company from engaging in anticompetitive practices, and other forms of relief. Certain states also seek unspecified damages for their citizens. The Company believes it has substantial defenses to the lawsuit and will vigorously defend itself. The United States filed an Amended Complaint in August 2024, adding ten additional states as plaintiffs but not otherwise materially amending the claims asserted in the lawsuit. The Company filed a motion to dismiss certain claims in the Amended Complaint in September 2024. Antitrust Litigation The Company is a defendant in three putative antitrust consumer class actions alleging violations of federal and state antitrust laws, among other causes of action. In Heckman, et al. v. Live Nation Entertainment, et al., filed in the Central District of California in January 2022, the District Court denied defendants’ motion to compel arbitration in August 2023. The Ninth Circuit subsequently affirmed the District Court’s ruling in October 2024. The Company believes it has substantial defenses to the claims alleged in the lawsuit and will continue to vigorously defend itself. Two other putative class actions were filed in the Southern District of New York in August and September 2024: In Re Live Nation Entertainment, Inc. and Ticketmaster L.L.C. Antitrust Litigation, and Jacobson v. Live Nation Entertainment, Inc., et al. While these lawsuits are at their initial stages, the Company believes it has substantial defenses to the claims alleged therein and will vigorously defend itself. Other Litigation From time to time, we are involved in other legal proceedings arising in the ordinary course of our business, including proceedings and claims based upon purported violations of antitrust laws, intellectual property rights and tortious interference, which could cause us to incur significant expenses. We have also been the subject of personal injury and wrongful death claims relating to accidents at our venues in connection with our operations. As required, we have accrued our estimate of the probable settlement or other losses for the resolution of any outstanding claims. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, including, in some cases, estimated redemption rates for the settlement offered, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in our assumptions or the effectiveness of our strategies related to these proceedings.

EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	EQUITY Accumulated Other Comprehensive Income (Loss) The following table presents changes in the components of AOCI, net of taxes, for the nine months ended September 30, 2024: Cash Flow Hedge  Foreign Currency Items Total (in thousands) Balance at December 31, 2023 $ 29,350  $ (1,900) $ 27,450  Other comprehensive income (loss) before reclassifications 3,320  (191,011) (187,691) Amount reclassified from AOCI (14,370) —  (14,370) Net other comprehensive loss (11,050) (191,011) (202,061) Balance at September 30, 2024 $ 18,300  $ (192,911) $ (174,611) Earnings Per Share Basic net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. The calculation of diluted net income (loss) per common share includes the effects of the assumed exercise of any outstanding stock options, the assumed vesting of shares of restricted and deferred stock awards and the assumed conversion of our convertible senior notes, where dilutive. The following table sets forth the computation of weighted average common shares outstanding: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Weighted average common shares—basic 230,374,307  228,787,263  229,923,989  228,497,712  Effect of dilutive securities:     Stock options and restricted stock 1,941,001  2,371,755  2,226,003  2,252,391      Convertible senior notes 13,004,660  13,004,660  3,778,760  4,396,292  Weighted average common shares—diluted 245,319,968  244,163,678  235,928,752  235,146,395  The following table shows securities excluded from the calculation of diluted net income per common share because such securities are anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Options to purchase shares of common stock —  3,750  3,750  3,750  Restricted stock and deferred stock—unvested 2,147,167  2,361,832  2,162,662  2,430,242  Conversion shares related to the convertible senior notes —  —  9,225,900  8,921,749  Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 2,147,167  2,365,582  11,392,312  11,355,741

SEGMENTS AND REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENTS AND REVENUE RECOGNITION	SEGMENTS AND REVENUE RECOGNITION Our reportable segments are Concerts, Ticketing and Sponsorship & Advertising. We use AOI to evaluate the performance of our operating segments and define AOI as operating income (loss) before certain acquisition expenses (including ongoing legal costs stemming from the Ticketmaster merger, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation), amortization of non-recoupable ticketing contract advances, depreciation and amortization (including goodwill impairment), loss (gain) on disposal of operating assets, and stock-based compensation expense. We also exclude from AOI the impact of estimated or realized liabilities for settlements or damages arising out of the Astroworld matter that exceed our estimated insurance recovery, due to the significant and non-recurring nature of the matter. Ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI. AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. Revenue and expenses earned and charged between segments are eliminated in consolidation. Our capital expenditures below include accruals for amounts incurred but not yet paid for, but are not reduced by reimbursements received from outside parties such as landlords and noncontrolling interest partners or replacements funded by insurance proceeds. We manage our working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, our management to allocate resources to or assess performance of our segments, and therefore, total segment assets and related depreciation and amortization have not been presented. The following table presents the results of operations for our reportable segments for the three and nine months ended September 30, 2024 and 2023: Concerts Ticketing Sponsorship & Advertising Other & Eliminations Corporate Consolidated (in thousands) Three Months Ended September 30, 2024 Revenue $ 6,580,595 $ 693,704 $ 390,345 $ (13,557) $ —  $ 7,651,087  % of Consolidated Revenue 86.0% 9.1% 5.1% (0.2)% Intersegment revenue $ 7,268 $ 6,289 $ — $ (13,557) $ —  $ —  AOI $ 474,053 $ 235,704 $ 275,329 $ (7,073) $ (68,182) $ 909,831  Three Months Ended September 30, 2023 Revenue (1) $ 6,971,830 $ 837,624 $ 366,822 $ (21,713) $ —  $ 8,154,563  % of Consolidated Revenue 85.5% 10.3% 4.5% (0.3)% Intersegment revenue $ 5,698 $ 9,501 $ — $ (15,199) $ —  $ —  AOI (2) $ 340,904 $ 351,574 $ 250,265 $ (6,818) $ (64,736) $ 871,189  Nine Months Ended September 30, 2024 Revenue $ 14,447,009 $ 2,147,559 $ 913,856 $ (34,392) $ —  $ 17,474,032  % of Consolidated Revenue 82.7% 12.3% 5.2% (0.2)% Intersegment revenue $ 19,671 $ 14,546 $ 175 $ (34,392) $ —  $ —  AOI $ 742,936 $ 812,352 $ 627,926 $ (22,453) $ (172,192) $ 1,988,569  Nine Months Ended September 30, 2023 Revenue (1) $ 13,886,333 $ 2,219,667 $ 839,799 $ (38,163) $ —  $ 16,907,636  % of Consolidated Revenue 82.1% 13.1% 5.0% (0.2)% Intersegment revenue $ 9,896 $ 12,681 $ — $ (22,577) $ —  $ —  AOI (2) $ 504,694 $ 904,014 $ 548,935 $ (32,899) $ (160,544) $ 1,764,200  (1) Prior period revenue was restated as further discussed in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the three and nine months ended September 30, 2023, the restatement decreased our Concerts segment revenue by $2.5 million and $2.5 million, respectively. For the three months ended September 30, 2023, the restatement increased our Ticketing segment revenue by $5.0 million. (2) Prior period AOI was restated as further discussed in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the nine months ended September 30, 2023, the restatement decreased our Concerts segment AOI by $5.1 million. For the three and nine months ended September 30, 2023, the restatement increased our Ticketing segment AOI by $35.1 million and $23.8 million, respectively. The following table sets forth the reconciliation of consolidated AOI to operating income for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) AOI (1) $ 909,831  $ 871,189  $ 1,988,569  $ 1,764,200  Acquisition expenses 94,565  40,968  95,087  79,108  Amortization of non-recoupable ticketing contract advances 16,996  16,921  62,237  58,518  Depreciation and amortization 137,001  130,653  407,324  382,352  Gain on sale of operating assets (3,968) (1,583) (5,398) (8,092) Astroworld estimated loss contingencies —  —  279,915  —  Stock-based compensation expense 25,712  30,572  85,450  85,905  Operating income (1) $ 639,525  $ 653,658  $ 1,063,954  $ 1,166,409  (1) For the three and nine months ended September 30, 2023, the restatement increased our AOI and operating income by $35.1 million and $18.7 million, respectively. See further discussion in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. Contract Advances At September 30, 2024 and December 31, 2023, we had ticketing contract advances of $185.6 million and $143.9 million, respectively, recorded in prepaid expenses and $125.1 million and $135.6 million, respectively, recorded in long-term advances on the consolidated balance sheets. Sponsorship Agreements At September 30, 2024, we had contracted sponsorship agreements with terms greater than one year that had approximately $1.5 billion of revenue related to future benefits to be provided by us. We expect to recognize, based on current projections, approximately 11%, 36%, 27% and 26% of this revenue in the remainder of 2024, 2025, 2026 and thereafter, respectively. Deferred Revenue The majority of our deferred revenue is typically classified as current and is shown as a separate line item on the consolidated balance sheets. Deferred revenue that is not expected to be recognized within the next twelve months is classified as long-term and reflected in other long-term liabilities on the consolidated balance sheets. The table below summarizes the amount of the preceding December 31 current deferred revenue recognized during the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Concerts $ 1,032,868  $ 814,504  $ 2,885,696  $ 2,629,546  Ticketing 50,140  37,124  165,463  133,365  Sponsorship & Advertising 6,626  17,432  93,300  125,359  $ 1,089,634  $ 869,060  $ 3,144,459  $ 2,888,270

CORRECTION OF ERRORS	9 Months Ended
	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Error Correction [Text Block]	CORRECTION OF ERRORS IN PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS In calculating our income taxes for the three and nine months ended September 30, 2024, we identified errors in our previously issued financial statements for the three and nine months ended September 30, 2023 related to the measurement of income tax expense for certain foreign subsidiaries statutory earnings. We assessed the materiality of these errors, using both quantitative and qualitative factors, in accordance with the SEC Staff Accounting Bulletin (“SAB”) No. 99 “Materiality” and SAB 108 “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” codified in ASC 250 “Accounting Changes and Error Corrections” and concluded these errors (including when aggregated with other errors discussed below) were immaterial to all of the previously issued consolidated financial statements but, if corrected in the current year, would be material to the current year. Under ASC 250, such prior‑year misstatements which, if corrected in the current year would be material to the current year, must be corrected by adjusting the prior‑year financial statements. Correcting prior‑year financial statements for such immaterial errors does not require previously filed reports to be amended. In addition to the errors related to the income tax provision as noted above, we recorded other errors to correct prior periods as presented below. These errors were not previously recorded, as we concluded that they were immaterial individually and in aggregate to our previously issued consolidated financial statements. The effects of the error corrections on our consolidated statements of operations, comprehensive income (loss), cash flows and balance sheets are presented in the tables below. The condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2023 have also been revised to reflect the impacts to net earnings and redeemable noncontrolling interests. The following table presents the impact of correcting the errors on the affected line items of our consolidated balance sheet as of December 31, 2023: December 31, 2023 As Reported Adjustments As Revised (in thousands) Accounts receivable $ 2,069,054  $ (44,405) $ 2,024,649  Total current assets 9,577,754  (44,405) 9,533,349  Total assets 19,074,045  (44,405) 19,029,640  Accrued expenses 3,006,281  24,531  3,030,812  Total current liabilities 9,959,903  24,531  9,984,434  Redeemable noncontrolling interests 893,709  (33,779) 859,930  Total Live Nation stockholders' equity (17,148) (35,157) (52,305) Total equity 587,157  (35,157) 552,000  Total liabilities and equity 19,074,045  (44,405) 19,029,640  The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of operations for the three months ended September 30, 2023: Three Months Ended September 30, 2023 As Reported Adjustments As Revised (in thousands except per share data) Revenue $ 8,152,019  $ 2,544  $ 8,154,563  Direct operating expenses 6,330,465  (32,582) 6,297,883  Operating income 618,532  35,126  653,658  Income before income taxes 596,555  35,126  631,681  Income tax expense 55,874  (5,605) 50,269  Net income 540,681  40,731  581,412  Net income attributable to noncontrolling interests 57,186  2,746  59,932  Net income attributable to common stockholders of Live Nation 483,495  37,985  521,480  Basic net income per common share available to common stockholders of Live Nation 1.85  0.16  2.01  Diluted net income per common share available to common stockholders of Live Nation 1.78  0.15  1.93  The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of comprehensive income (loss) for the three months ended September 30, 2023: Three Months Ended September 30, 2023 As Reported Adjustments As Revised (in thousands) Net income $ 540,681  $ 40,731  $ 581,412  Comprehensive income 493,670  40,731  534,401  Comprehensive income attributable to noncontrolling interests 57,186  2,746  $ 59,932  Comprehensive income attributable to common stockholders of Live Nation 436,484  37,985  474,469  The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of operations for the nine months ended September 30, 2023: Nine Months Ended September 30, 2023 As Reported Adjustments As Revised (in thousands except per share data) Revenue $ 16,910,132  $ (2,496) $ 16,907,636  Direct operating expenses 12,610,832  (21,226) 12,589,606  Operating income 1,147,679  18,730  1,166,409  Income before income taxes 1,037,572  18,730  1,056,302  Income tax expense 121,362  5,708  127,070  Net income 916,210  13,022  929,232  Net income attributable to noncontrolling interests 142,202  (2,797) 139,405  Net income attributable to common stockholders of Live Nation 774,008  15,819  789,827  Basic net income per common share available to common stockholders of Live Nation 2.63  0.07  2.70  Diluted net income per common share available to common stockholders of Live Nation 2.59  0.07  2.66  The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of comprehensive income (loss) for the nine months ended September 30, 2023: Nine Months Ended September 30, 2023 As Reported Adjustments As Revised (in thousands) Net income $ 916,210  $ 13,022  $ 929,232  Comprehensive income 1,018,528  13,022  1,031,550  Comprehensive income attributable to noncontrolling interests 142,202  (2,797) 139,405  Comprehensive income attributable to common stockholders of Live Nation 876,326  15,819  892,145  The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of cash flow for the nine months ended September 30, 2023: Nine Months Ended September 30, 2023 As Reported Adjustments As Revised (in thousands) Net income $ 916,210  $ 13,022  $ 929,232  Increase in accounts receivable (1,014,739) (15,714) (1,030,453) Increase in accounts payable, accrued expenses and other liabilities 916,619  (13,022) 903,597  Decrease in deferred revenue (150,487) 7,894  (142,593) Net cash provided by operating activities 762,441  (7,820) 754,621  Net increase in cash, cash equivalents and restricted cash 342,988  (7,820) 335,168  Cash, cash equivalents and restricted cash at beginning of period 5,612,374  7,820  5,620,194

BASIS OF PRESENTATION AND OTHER INFORMATION (Basis of Presentation and Other Information) (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Consolidation, Variable Interest Entity, Policy	Variable Interest Entities In the normal course of business, we enter into joint ventures or make investments in companies that will allow us to expand our core business and enter new markets. In certain instances, such ventures or investments may be considered a VIE because the equity at risk is insufficient to permit it to carry on its activities without additional financial support from its equity owners. In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct activities that most significantly impact the economic performance of the entity and have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The activities we believe most significantly impact the economic performance of our VIEs include the unilateral ability to approve the annual budget, to terminate key management and to approve entering into agreements with artists, among others. We have certain rights and obligations related to our involvement in the VIEs, including the requirement to provide operational cash flow funding. As of September 30, 2024 and December 31, 2023, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $855 million and $940 million of assets and $580 million and $592 million of liabilities, respectively, related to VIEs included in our balance sheets. None of our VIEs are significant on an individual basis.
Cash and Cash Equivalents	Cash and Cash Equivalents Included in the September 30, 2024 and December 31, 2023 cash and cash equivalents balance is $1.6 billion and $1.5 billion, respectively, of cash received that includes the face value of tickets sold on behalf of our ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to our clients on a regular basis. These amounts due to our clients are included in accounts payable, client accounts.
Income Taxes	Income Taxes Each reporting period, we evaluate the realizability of our deferred tax assets in each tax jurisdiction. As of September 30, 2024, we continued to maintain a full valuation allowance against our net deferred tax assets in certain jurisdictions, including the United States, due to cumulative pre-tax losses. As a result of the valuation allowances, no tax benefits have been recognized for any losses incurred in those tax jurisdictions for the first nine months of 2024.
Recent Accounting Pronouncements	Accounting Pronouncements In June 2022, the FASB issued Accounting Standards Update 2022-03, which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. We adopted this guidance on January 1, 2024. The adoption did not and is not expected to have a material impact on our consolidated financial statements. In November 2023, the FASB issued Accounting Standards Update 2023-07, which expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss. This guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance.

LONG-LIVED ASSETS (Long-Lived Assets) (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment	Property, plant and equipment, net, consisted of the following: September 30, 2024 December 31, 2023 (in thousands) Land, buildings and improvements $ 2,243,158  $ 2,043,595  Computer equipment and capitalized software 926,193  888,065  Furniture and other equipment 744,635  646,966  Construction in progress 399,353  317,028  Property, plant and equipment, gross 4,313,339  3,895,654  Less: accumulated depreciation 1,937,471  1,794,191  Property, plant and equipment, net $ 2,375,868  $ 2,101,463
Gross Carrying Amount and Accumulated Amortization of Definite-Lived Intangible Assets	The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the nine months ended September 30, 2024: Revenue- generating contracts Client / vendor relationships Venue management Trademarks and naming rights Technology and Other (1) Total (in thousands) Balance as of December 31, 2023: Gross carrying amount $ 925,257  $ 583,436  $ 226,788  $ 183,493  $ 20,220  $ 1,939,194  Accumulated amortization (336,625) (251,649) (79,218) (104,036) (6,045) (777,573) Net 588,632  331,787  147,570  79,457  14,175  1,161,621  Gross carrying amount: Acquisitions and additions—current year 68,453  48,937  1,256  3,000  7,939  129,585  Acquisitions and additions—prior year 826  4,066  453  (2) —  5,343  Foreign exchange (58,063) (16,985) (2,191) (8,810) (94) (86,143) Other (2) (15,575) (20,132) (23,930) (3,213) (823) (63,673) Net change (4,359) 15,886  (24,412) (9,025) 7,022  (14,888) Accumulated amortization: Amortization (82,677) (64,266) (17,887) (13,585) (6,535) (184,950) Foreign exchange 15,438  4,612  107  2,521  (12) 22,666  Other (2) 15,575  20,132  24,032  2,863  936  63,538  Net change (51,664) (39,522) 6,252  (8,201) (5,611) (98,746) Balance as of September 30, 2024: Gross carrying amount 920,898  599,322  202,376  174,468  27,242  1,924,306  Accumulated amortization (388,289) (291,171) (72,966) (112,237) (11,656) (876,319) Net $ 532,609  $ 308,151  $ 129,410  $ 62,231  $ 15,586  $ 1,047,987  (1) Other primarily includes intangible assets for non-compete agreements. (2) Other primarily includes netdowns of fully amortized or impaired assets.	[1],[2]
Weighted Average Lives of Additions to Definite-Lived Intangible Assets	The 2024 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows: Weighted- Average Life (years) Revenue-generating contracts 9 Client/vendor relationships 5 Trademarks and naming rights 10 Venue management 3 Technology 3 All categories 7
Changes in Goodwill by Segment	The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the nine months ended September 30, 2024: Concerts Ticketing Sponsorship & Advertising Total (in thousands) Balance as of December 31, 2023: Goodwill $ 1,439,579  $ 1,012,530  $ 674,720  $ 3,126,829  Accumulated impairment losses (435,363) —  —  (435,363)                  Net 1,004,216  1,012,530  674,720  2,691,466  Acquisitions—current year 25,797  507  1,015  27,319  Acquisitions—prior year 4,136  —  —  4,136  Foreign exchange 911  (31,056) (22,768) (52,913) Balance as of September 30, 2024: Goodwill 1,470,423  981,981  652,967  3,105,371  Accumulated impairment losses (435,363) —  —  (435,363)                  Net $ 1,035,060  $ 981,981  $ 652,967  $ 2,670,008
[1] Other primarily includes intangible assets for non-compete agreements. [2] Other primarily includes netdowns of fully amortized or impaired assets.

LEASES (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Significant Components of Operating Lease Expense	The significant components of operating lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Operating lease expense $ 64,543  $ 63,954  $ 197,051  $ 206,282  Variable and short-term lease expense 74,936  85,148  148,848  157,453  Sublease income (1,447) (1,865) (4,560) (6,477) Net lease expense $ 138,032  $ 147,237  $ 341,339  $ 357,258
Supplemental Cash Flow Information for Operating Leases	Supplemental cash flow information for our operating leases is as follows: Nine Months Ended September 30, 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 212,983  $ 195,945  Lease assets obtained in exchange for lease obligations, net of terminations $ 200,039  $ 148,960  As of September 30, 2024, we have additional operating leases that have not yet commenced, with total lease payments of $207.0 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from October 2024 to June 2030 with lease terms ranging from 3 to 28 years.

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	Long-term debt, which includes finance leases, consisted of the following: September 30, 2024 December 31, 2023 (in thousands) Senior Secured Credit Facility: Term loan B $ 830,348  $ 836,903  Revolving credit facility —  370,000  6.5% Senior Secured Notes due 2027 1,200,000  1,200,000  3.75% Senior Secured Notes due 2028 500,000  500,000  4.875% Senior Notes due 2024 575,000  575,000  5.625% Senior Notes due 2026 300,000  300,000  4.75% Senior Notes due 2027 950,000  950,000  2.0% Convertible Senior Notes due 2025 400,000  400,000  3.125% Convertible Senior Notes due 2029 1,000,000  1,000,000  Other debt 538,824  511,210  Total principal amount 6,294,172  6,643,113  Less: unamortized discounts and debt issuance costs (39,280) (49,701) Total debt, net of unamortized discounts and debt issuance costs 6,254,892  6,593,412  Less: current portion 582,088  1,134,386  Total long-term debt, net $ 5,672,804  $ 5,459,026
Schedule of Maturities of Long-term Debt [Table Text Block]	Future maturities of debt at September 30, 2024 are as follows: (in thousands) Remainder of 2024 $ 550,365  2025 56,977  2026 1,398,179  2027 2,153,854  2028 2,091,490  Thereafter 43,307  Total $ 6,294,172

FAIR VALUE MEASUREMENTS Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities Measured on a Recurring Basis	The following table shows the fair value of our significant financial assets that are required to be measured at fair value on a recurring basis, which are classified on the consolidated balance sheets as cash and cash equivalents. Estimated Fair Value September 30, 2024 December 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total (in thousands) Assets: Cash equivalents $ 597,215  $ —  $ 597,215  $ 580,126  $ —  $ 580,126  Interest rate swaps $ —  $ 23,109  $ 23,109  $ —  $ 39,232  $ 39,232
Estimated Fair Values of Debt	The following table presents the estimated fair values of our senior secured notes, senior notes and convertible senior notes: Estimated Fair Value at September 30, 2024 December 31, 2023 Level 2 (in thousands) 6.5% Senior Secured Notes due 2027 $ 1,224,780  $ 1,222,608  3.75% Senior Secured Notes due 2028 $ 481,570  $ 469,515  4.875% Senior Notes due 2024 $ 574,402  $ 570,412  5.625% Senior Notes due 2026 $ 299,790  $ 297,606  4.75% Senior Notes due 2027 $ 937,432  $ 913,653  2.0% Convertible Senior Notes due 2025 $ 435,424  $ 423,668  3.125% Convertible Senior Notes due 2029 $ 1,230,620  $ 1,136,160

EQUITY Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents changes in the components of AOCI, net of taxes, for the nine months ended September 30, 2024: Cash Flow Hedge  Foreign Currency Items Total (in thousands) Balance at December 31, 2023 $ 29,350  $ (1,900) $ 27,450  Other comprehensive income (loss) before reclassifications 3,320  (191,011) (187,691) Amount reclassified from AOCI (14,370) —  (14,370) Net other comprehensive loss (11,050) (191,011) (202,061) Balance at September 30, 2024 $ 18,300  $ (192,911) $ (174,611)
Schedule of Weighted Average Number of Shares	The following table sets forth the computation of weighted average common shares outstanding: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Weighted average common shares—basic 230,374,307  228,787,263  229,923,989  228,497,712  Effect of dilutive securities:     Stock options and restricted stock 1,941,001  2,371,755  2,226,003  2,252,391      Convertible senior notes 13,004,660  13,004,660  3,778,760  4,396,292  Weighted average common shares—diluted 245,319,968  244,163,678  235,928,752  235,146,395
Potentially Dilutive Securities Excluded From Diluted Net Income (Loss) Per Common Share	The following table shows securities excluded from the calculation of diluted net income per common share because such securities are anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Options to purchase shares of common stock —  3,750  3,750  3,750  Restricted stock and deferred stock—unvested 2,147,167  2,361,832  2,162,662  2,430,242  Conversion shares related to the convertible senior notes —  —  9,225,900  8,921,749  Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 2,147,167  2,365,582  11,392,312  11,355,741

SEGMENTS AND REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents the results of operations for our reportable segments for the three and nine months ended September 30, 2024 and 2023: Concerts Ticketing Sponsorship & Advertising Other & Eliminations Corporate Consolidated (in thousands) Three Months Ended September 30, 2024 Revenue $ 6,580,595 $ 693,704 $ 390,345 $ (13,557) $ —  $ 7,651,087  % of Consolidated Revenue 86.0% 9.1% 5.1% (0.2)% Intersegment revenue $ 7,268 $ 6,289 $ — $ (13,557) $ —  $ —  AOI $ 474,053 $ 235,704 $ 275,329 $ (7,073) $ (68,182) $ 909,831  Three Months Ended September 30, 2023 Revenue (1) $ 6,971,830 $ 837,624 $ 366,822 $ (21,713) $ —  $ 8,154,563  % of Consolidated Revenue 85.5% 10.3% 4.5% (0.3)% Intersegment revenue $ 5,698 $ 9,501 $ — $ (15,199) $ —  $ —  AOI (2) $ 340,904 $ 351,574 $ 250,265 $ (6,818) $ (64,736) $ 871,189  Nine Months Ended September 30, 2024 Revenue $ 14,447,009 $ 2,147,559 $ 913,856 $ (34,392) $ —  $ 17,474,032  % of Consolidated Revenue 82.7% 12.3% 5.2% (0.2)% Intersegment revenue $ 19,671 $ 14,546 $ 175 $ (34,392) $ —  $ —  AOI $ 742,936 $ 812,352 $ 627,926 $ (22,453) $ (172,192) $ 1,988,569  Nine Months Ended September 30, 2023 Revenue (1) $ 13,886,333 $ 2,219,667 $ 839,799 $ (38,163) $ —  $ 16,907,636  % of Consolidated Revenue 82.1% 13.1% 5.0% (0.2)% Intersegment revenue $ 9,896 $ 12,681 $ — $ (22,577) $ —  $ —  AOI (2) $ 504,694 $ 904,014 $ 548,935 $ (32,899) $ (160,544) $ 1,764,200  (1) Prior period revenue was restated as further discussed in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the three and nine months ended September 30, 2023, the restatement decreased our Concerts segment revenue by $2.5 million and $2.5 million, respectively. For the three months ended September 30, 2023, the restatement increased our Ticketing segment revenue by $5.0 million. (2) Prior period AOI was restated as further discussed in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the nine months ended September 30, 2023, the restatement decreased our Concerts segment AOI by $5.1 million. For the three and nine months ended September 30, 2023, the restatement increased our Ticketing segment AOI by $35.1 million and $23.8 million, respectively.
Reconciliation of AOI to Operating Income (Loss)	The following table sets forth the reconciliation of consolidated AOI to operating income for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) AOI (1) $ 909,831  $ 871,189  $ 1,988,569  $ 1,764,200  Acquisition expenses 94,565  40,968  95,087  79,108  Amortization of non-recoupable ticketing contract advances 16,996  16,921  62,237  58,518  Depreciation and amortization 137,001  130,653  407,324  382,352  Gain on sale of operating assets (3,968) (1,583) (5,398) (8,092) Astroworld estimated loss contingencies —  —  279,915  —  Stock-based compensation expense 25,712  30,572  85,450  85,905  Operating income (1) $ 639,525  $ 653,658  $ 1,063,954  $ 1,166,409  (1) For the three and nine months ended September 30, 2023, the restatement increased our AOI and operating income by $35.1 million and $18.7 million, respectively. See further discussion in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements.
Contract with Customer, Asset and Liability	Deferred Revenue The majority of our deferred revenue is typically classified as current and is shown as a separate line item on the consolidated balance sheets. Deferred revenue that is not expected to be recognized within the next twelve months is classified as long-term and reflected in other long-term liabilities on the consolidated balance sheets. The table below summarizes the amount of the preceding December 31 current deferred revenue recognized during the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Concerts $ 1,032,868  $ 814,504  $ 2,885,696  $ 2,629,546  Ticketing 50,140  37,124  165,463  133,365  Sponsorship & Advertising 6,626  17,432  93,300  125,359  $ 1,089,634  $ 869,060  $ 3,144,459  $ 2,888,270

CORRECTION OF ERRORS (Tables)		3 Months Ended	9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	The following table presents the impact of correcting the errors on the affected line items of our consolidated balance sheet as of December 31, 2023: December 31, 2023 As Reported Adjustments As Revised (in thousands) Accounts receivable $ 2,069,054  $ (44,405) $ 2,024,649  Total current assets 9,577,754  (44,405) 9,533,349  Total assets 19,074,045  (44,405) 19,029,640  Accrued expenses 3,006,281  24,531  3,030,812  Total current liabilities 9,959,903  24,531  9,984,434  Redeemable noncontrolling interests 893,709  (33,779) 859,930  Total Live Nation stockholders' equity (17,148) (35,157) (52,305) Total equity 587,157  (35,157) 552,000  Total liabilities and equity 19,074,045  (44,405) 19,029,640	The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of operations for the three months ended September 30, 2023: Three Months Ended September 30, 2023 As Reported Adjustments As Revised (in thousands except per share data) Revenue $ 8,152,019  $ 2,544  $ 8,154,563  Direct operating expenses 6,330,465  (32,582) 6,297,883  Operating income 618,532  35,126  653,658  Income before income taxes 596,555  35,126  631,681  Income tax expense 55,874  (5,605) 50,269  Net income 540,681  40,731  581,412  Net income attributable to noncontrolling interests 57,186  2,746  59,932  Net income attributable to common stockholders of Live Nation 483,495  37,985  521,480  Basic net income per common share available to common stockholders of Live Nation 1.85  0.16  2.01  Diluted net income per common share available to common stockholders of Live Nation 1.78  0.15  1.93  The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of comprehensive income (loss) for the three months ended September 30, 2023: Three Months Ended September 30, 2023 As Reported Adjustments As Revised (in thousands) Net income $ 540,681  $ 40,731  $ 581,412  Comprehensive income 493,670  40,731  534,401  Comprehensive income attributable to noncontrolling interests 57,186  2,746  $ 59,932  Comprehensive income attributable to common stockholders of Live Nation 436,484  37,985  474,469	The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of operations for the nine months ended September 30, 2023: Nine Months Ended September 30, 2023 As Reported Adjustments As Revised (in thousands except per share data) Revenue $ 16,910,132  $ (2,496) $ 16,907,636  Direct operating expenses 12,610,832  (21,226) 12,589,606  Operating income 1,147,679  18,730  1,166,409  Income before income taxes 1,037,572  18,730  1,056,302  Income tax expense 121,362  5,708  127,070  Net income 916,210  13,022  929,232  Net income attributable to noncontrolling interests 142,202  (2,797) 139,405  Net income attributable to common stockholders of Live Nation 774,008  15,819  789,827  Basic net income per common share available to common stockholders of Live Nation 2.63  0.07  2.70  Diluted net income per common share available to common stockholders of Live Nation 2.59  0.07  2.66  The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of comprehensive income (loss) for the nine months ended September 30, 2023: Nine Months Ended September 30, 2023 As Reported Adjustments As Revised (in thousands) Net income $ 916,210  $ 13,022  $ 929,232  Comprehensive income 1,018,528  13,022  1,031,550  Comprehensive income attributable to noncontrolling interests 142,202  (2,797) 139,405  Comprehensive income attributable to common stockholders of Live Nation 876,326  15,819  892,145  The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of cash flow for the nine months ended September 30, 2023: Nine Months Ended September 30, 2023 As Reported Adjustments As Revised (in thousands) Net income $ 916,210  $ 13,022  $ 929,232  Increase in accounts receivable (1,014,739) (15,714) (1,030,453) Increase in accounts payable, accrued expenses and other liabilities 916,619  (13,022) 903,597  Decrease in deferred revenue (150,487) 7,894  (142,593) Net cash provided by operating activities 762,441  (7,820) 754,621  Net increase in cash, cash equivalents and restricted cash 342,988  (7,820) 335,168  Cash, cash equivalents and restricted cash at beginning of period 5,612,374  7,820  5,620,194

BASIS OF PRESENTATION AND OTHER INFORMATION (Basis of Presentation and Other Information) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total assets	$ 19,747,070,000	$ 19,029,640,000
Restricted Cash and Cash Equivalents Items [Line Items]
Cash received that includes the face value of tickets sold on behalf of ticketing clients and their share of service charges.	1,600,000,000	1,500,000,000
Tax benefit recognized for losses incurred	0
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	855,000,000	940,000,000
Liabilities	$ 580,000,000	$ 592,000,000

LONG-LIVED ASSETS (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Land, buildings and improvements	$ 2,243,158	$ 2,043,595
Computer equipment and capitalized software	926,193	888,065
Furniture and other equipment	744,635	646,966
Construction in progress	399,353	317,028
Property, plant and equipment, gross	4,313,339	3,895,654
Less: accumulated depreciation	1,937,471	1,794,191
Property, plant and equipment, net	$ 2,375,868	$ 2,101,463

LONG-LIVED ASSETS (Definite-lived Intangibles) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount				$ 1,939,194
Accumulated amortization				(777,573)
Net				1,161,621
Acquisitions and additions—current year				129,585
Acquisitions and additions—prior year				5,343
Foreign exchange				(86,143)
Other (2)	[1]			(63,673)
Net change				(14,888)
Amortization		$ (61,300)	$ (63,400)	(184,950)	$ (176,100)
Foreign exchange				22,666
Other (2)	[1]			63,538
Net change				(98,746)
Gross carrying amount		1,924,306		1,924,306
Accumulated amortization		(876,319)		(876,319)
Net		1,047,987		$ 1,047,987
Weighted-average lives of definite-lived intangible assets				7 years
Revenue-generating contracts [Member]
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount				$ 925,257
Accumulated amortization				(336,625)
Net				588,632
Acquisitions and additions—current year				68,453
Acquisitions and additions—prior year				826
Foreign exchange				(58,063)
Other (2)	[1]			(15,575)
Net change				(4,359)
Amortization				(82,677)
Foreign exchange				15,438
Other (2)	[1]			15,575
Net change				(51,664)
Gross carrying amount		920,898		920,898
Accumulated amortization		(388,289)		(388,289)
Net		532,609		$ 532,609
Weighted-average lives of definite-lived intangible assets				9 years
Client/vendor relationships [Member]
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount				$ 583,436
Accumulated amortization				(251,649)
Net				331,787
Acquisitions and additions—current year				48,937
Acquisitions and additions—prior year				4,066
Foreign exchange				(16,985)
Other (2)	[1]			(20,132)
Net change				15,886
Amortization				(64,266)
Foreign exchange				4,612
Other (2)	[1]			20,132
Net change				(39,522)
Gross carrying amount		599,322		599,322
Accumulated amortization		(291,171)		(291,171)
Net		308,151		$ 308,151
Weighted-average lives of definite-lived intangible assets				5 years
Venue Management
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount				$ 226,788
Accumulated amortization				(79,218)
Net				147,570
Acquisitions and additions—current year				1,256
Acquisitions and additions—prior year				453
Foreign exchange				(2,191)
Other (2)	[1]			(23,930)
Net change				(24,412)
Amortization				(17,887)
Foreign exchange				107
Other (2)	[1]			24,032
Net change				6,252
Gross carrying amount		202,376		202,376
Accumulated amortization		(72,966)		(72,966)
Net		129,410		$ 129,410
Weighted-average lives of definite-lived intangible assets				3 years
Trademarks and naming rights [Member]
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount				$ 183,493
Accumulated amortization				(104,036)
Net				79,457
Acquisitions and additions—current year				3,000
Acquisitions and additions—prior year				(2)
Foreign exchange				(8,810)
Other (2)	[1]			(3,213)
Net change				(9,025)
Amortization				(13,585)
Foreign exchange				2,521
Other (2)	[1]			2,863
Net change				(8,201)
Gross carrying amount		174,468		174,468
Accumulated amortization		(112,237)		(112,237)
Net		62,231		$ 62,231
Weighted-average lives of definite-lived intangible assets				10 years
Technology and Other intangible assets [Member]
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	[2]			$ 20,220
Accumulated amortization	[2]			(6,045)
Net	[2]			14,175
Acquisitions and additions—current year	[2]			7,939
Acquisitions and additions—prior year	[2]			0
Foreign exchange	[2]			(94)
Other (2)	[1],[2]			(823)
Net change	[2]			7,022
Amortization	[2]			(6,535)
Foreign exchange	[2]			(12)
Other (2)	[1],[2]			936
Net change	[2]			(5,611)
Gross carrying amount	[2]	27,242		27,242
Accumulated amortization	[2]	(11,656)		(11,656)
Net	[2]	$ 15,586		$ 15,586
Technology [Member]
Finite-lived Intangible Assets [Roll Forward]
Weighted-average lives of definite-lived intangible assets				3 years
[1] Other primarily includes netdowns of fully amortized or impaired assets. [2] Other primarily includes intangible assets for non-compete agreements.

LONG-LIVED ASSETS (Definite-lived Intangibles Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of definite-lived intangible assets	$ 61,300	$ 63,400	$ 184,950	$ 176,100

LONG-LIVED ASSETS (Goodwill) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Changes in carrying amount of goodwill [Roll Forward]
Gross goodwill, beginning of period	$ 3,126,829
Accumulated impairment losses	(435,363)
Net goodwill, beginning of period	2,691,466
Acquisition—current year	27,319
Acquisitions—prior year	4,136
Foreign exchange	(52,913)
Gross goodwill, end of period	3,105,371
Accumulated impairment losses	(435,363)
Net goodwill, end of period	2,670,008
Concerts [Member]
Changes in carrying amount of goodwill [Roll Forward]
Gross goodwill, beginning of period	1,439,579
Accumulated impairment losses	(435,363)
Net goodwill, beginning of period	1,004,216
Acquisition—current year	25,797
Acquisitions—prior year	4,136
Foreign exchange	911
Gross goodwill, end of period	1,470,423
Accumulated impairment losses	(435,363)
Net goodwill, end of period	1,035,060
Ticketing [Member]
Changes in carrying amount of goodwill [Roll Forward]
Gross goodwill, beginning of period	1,012,530
Accumulated impairment losses	0
Net goodwill, beginning of period	1,012,530
Acquisition—current year	507
Acquisitions—prior year	0
Foreign exchange	(31,056)
Gross goodwill, end of period	981,981
Accumulated impairment losses	0
Net goodwill, end of period	981,981
Sponsorship and Advertising [Member]
Changes in carrying amount of goodwill [Roll Forward]
Gross goodwill, beginning of period	674,720
Accumulated impairment losses	0
Net goodwill, beginning of period	674,720
Acquisition—current year	1,015
Acquisitions—prior year	0
Foreign exchange	(22,768)
Gross goodwill, end of period	652,967
Accumulated impairment losses	0
Net goodwill, end of period	$ 652,967

LONG-LIVED ASSETS (Investments in Nonconsolidated Affiliates) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments [Abstract]
Investments in nonconsolidated affiliates	$ 514.9	$ 447.5

LEASES (Significant Components Of Operating Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease expense	$ 64,543	$ 63,954	$ 197,051	$ 206,282
Variable and short-term lease expense	74,936	85,148	148,848	157,453
Sublease income	(1,447)	(1,865)	(4,560)	(6,477)
Net lease expense	$ 138,032	$ 147,237	$ 341,339	$ 357,258

LEASES (Supplemental Cash Flow Information For Operating Leases) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 212,983	$ 195,945
Lease assets obtained in exchange for lease obligations, net of terminations	$ 200,039	$ 148,960

LEASES (Leases Not Yet Commenced) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Total lease payments due under operating leases that have not yet commenced	$ 207.0
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lease term for operating leases that have not yet commenced	3 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lease term for operating leases that have not yet commenced	28 years

LONG-TERM DEBT (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total principal amount	$ 6,294,172	$ 6,643,113
Less: unamortized discounts and debt issuance costs	(39,280)	(49,701)
Total debt, net of unamortized discounts and debt issuance costs	6,254,892	6,593,412
Current portion of long-term debt, net	582,088	1,134,386
Long-term debt, net	5,672,804	5,459,026
Senior Secured Credit Facility Term loan B [Member]
Debt Instrument [Line Items]
Total principal amount	830,348	836,903
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Total principal amount	0	370,000
6.5% Senior Secured Notes Due 2027 [Member]
Debt Instrument [Line Items]
Total principal amount	1,200,000	1,200,000
3.75% Senior Secured Notes Due 2028 [Member]
Debt Instrument [Line Items]
Total principal amount	500,000	500,000
4.875% Senior Notes Due 2024 [Member]
Debt Instrument [Line Items]
Total principal amount	575,000	575,000
5.625% Senior Notes Due 2026 [Member]
Debt Instrument [Line Items]
Total principal amount	300,000	300,000
4.75% Senior Notes due 2027 [Member]
Debt Instrument [Line Items]
Total principal amount	950,000	950,000
2.0% Convertible Senior Notes Due 2025 [Member]
Debt Instrument [Line Items]
Total principal amount	400,000	400,000
3.125% Convertible Senior Notes Due 2029
Debt Instrument [Line Items]
Total principal amount	1,000,000	1,000,000
Other Debt [Member]
Debt Instrument [Line Items]
Total principal amount	$ 538,824	$ 511,210

LONG-TERM DEBT (Future of Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Maturities of Long-term Debt [Abstract]
Remainder of 2024	$ 550,365
2026	56,977
2027	1,398,179
2028	2,153,854
2028	2,091,490
Thereafter	43,307
Total	$ 6,294,172	$ 6,643,113

LONG-TERM DEBT (Other Debt) (Details) - Other Debt [Member] $ in Thousands	Sep. 30, 2024 USD ($)
United States Venue Management Acquisition
Debt Instrument [Line Items]
Other Long-Term Debt	$ 275,000
Europe Asset Acquisition
Debt Instrument [Line Items]
Other Long-Term Debt	$ 129,200

Subsequent Events (Details) $ in Thousands	Nov. 05, 2024 USD ($)	Nov. 01, 2024 USD ($)	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Long-term Debt, Gross				$ 6,294,172	$ 6,643,113
Senior Secured Revolving Credit Facility
Subsequent Event [Line Items]
Long-term Debt, Gross				0	370,000
Senior Secured Revolving Credit Facility | Subsequent Event [Member]
Subsequent Event [Line Items]
Long-term Debt, Gross			$ 585,000
Maximum borrowing capacity under the revolving credit facility	$ 1,700,000
Consolidated Net Debt Deduction Limit	$ 500,000
Senior Secured Revolving Credit Facility | Subsequent Event [Member] | First Step Down Period Consolidated Net Leverage Ratio Reduced
Subsequent Event [Line Items]
Debt Instrument, Covenant, Ratio of Consolidated Total Debt to Consolidated EBITDA	0.50
Senior Secured Revolving Credit Facility | Subsequent Event [Member] | Subsequent Step Down Period Consolidated Net Leverage Ratio Reduced
Subsequent Event [Line Items]
Debt Instrument, Covenant, Ratio of Consolidated Total Debt to Consolidated EBITDA	0.50
Senior Secured Revolving Credit Facility | Subsequent Event [Member] | Maximum [Member]
Subsequent Event [Line Items]
Debt Instrument, Covenant, Ratio of Consolidated Total Debt to Consolidated EBITDA	6.75
Senior Secured Revolving Credit Facility | Subsequent Event [Member] | Minimum [Member]
Subsequent Event [Line Items]
Debt Instrument, Covenant, Ratio of Consolidated Total Debt to Consolidated EBITDA	5.25
4.875% Senior Notes Due 2024 [Member]
Subsequent Event [Line Items]
Long-term Debt, Gross				$ 575,000	$ 575,000
4.875% Senior Notes Due 2024 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Extinguishment of debt		$ 575,000
Debt Instrument, Interest Rate, Stated Percentage		4.875%
Senior Secured Credit Facility - Venue Expansion Revolving Facility | Subsequent Event [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity under the revolving credit facility	$ 400,000

FAIR VALUE MEASUREMENTS (Assets and Liabilities Measured On A Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents	$ 597,215	$ 580,126
Recurring [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Interest Rate Derivative Assets, at Fair Value	23,109	39,232
Level 1 [Member] | Recurring [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents	597,215	580,126
Interest Rate Derivative Assets, at Fair Value	0	0
Level 2 [Member] | Recurring [Member]
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash equivalents	0	0
Interest Rate Derivative Assets, at Fair Value	$ 23,109	$ 39,232

FAIR VALUE MEASUREMENTS (Fair Value of Debt) (Details) - Level 2 [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
6.5% Senior Secured Notes Due 2027 [Member]
Debt Fair Value [Line Items]
Estimated fair values of senior notes	$ 1,224,780	$ 1,222,608
3.75% Senior Secured Notes Due 2028 [Member]
Debt Fair Value [Line Items]
Estimated fair values of senior notes	481,570	469,515
4.875% Senior Notes Due 2024 [Member]
Debt Fair Value [Line Items]
Estimated fair values of senior notes	574,402	570,412
5.625% Senior Notes Due 2026 [Member]
Debt Fair Value [Line Items]
Estimated fair values of senior notes	299,790	297,606
4.75% Senior Notes due 2027 [Member]
Debt Fair Value [Line Items]
Estimated fair values of senior notes	937,432	913,653
2.0% Convertible Senior Notes Due 2025 [Member]
Debt Fair Value [Line Items]
Estimated fair values of convertible senior notes	435,424	423,668
3.125% Convertible Senior Notes Due 2029
Debt Fair Value [Line Items]
Estimated fair values of convertible senior notes	$ 1,230,620	$ 1,136,160

FAIR VALUE MEASUREMENTS (Fair Value Measured On A Non-Recurring Basis) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Sponsorship and Advertising [Member] | Cost Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Nonrecurring Gain	$ (31,800)
Sponsorship and Advertising [Member] | Cost Investments [Member] | Warrant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Nonrecurring Gain	(38,500)
Concerts [Member] | Equity Method Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Nonrecurring Gain	(24,400)
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Sponsorship and Advertising [Member] | Cost Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure	142,200
Investments in Nonconsolidated Affiliates, Warrant Fair Value	62,200
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Concerts [Member] | Equity Method Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure	$ 35,900

COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) numberOfClaims number	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) numberOfClaims number	Sep. 30, 2023 USD ($)	Nov. 05, 2021 number
Loss Contingencies [Line Items]
Astroworld estimated loss contingencies | $	$ 0	$ 0	$ 279,915	$ 0
Astroworld Festival
Loss Contingencies [Line Items]
Astroworld Fatal Injuries | number					10
Number of Lawsuits | number	450		450
Astroworld estimated loss contingencies | $			$ 280,000
Antitrust Litigation | CALIFORNIA
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number | numberOfClaims	3		3
Antitrust Litigation | NEW YORK
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number | numberOfClaims	2		2

EQUITY (Accumulated Other Comprehensive Loss) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at December 31, 2023	$ 27,450
Other comprehensive income (loss) before reclassifications	(187,691)
Amount reclassified from AOCI	(14,370)
Net other comprehensive loss	(202,061)
Balance at September 30, 2024	(174,611)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at December 31, 2023	29,350
Other comprehensive income (loss) before reclassifications	3,320
Amount reclassified from AOCI	(14,370)
Net other comprehensive loss	(11,050)
Balance at September 30, 2024	18,300
Foreign Currency Items [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at December 31, 2023	(1,900)
Other comprehensive income (loss) before reclassifications	(191,011)
Amount reclassified from AOCI	0
Net other comprehensive loss	(191,011)
Balance at September 30, 2024	$ (192,911)

EQUITY (Weighted Average Common Shares Outstanding) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Weighted Average Common Shares Basic and Diluted [Line Items]
Basic	230,374,307	228,787,263	229,923,989	228,497,712
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements	1,941,001	2,371,755	2,226,003	2,252,391
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	13,004,660	13,004,660	3,778,760	4,396,292
Weighted Average Number of Shares Outstanding, Diluted	245,319,968	244,163,678	235,928,752	235,146,395

EQUITY (Antidilutive Securities Excluded from Computation of Earnings per Share) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,147,167	2,365,582	11,392,312	11,355,741
Options to purchase shares of common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	3,750	3,750	3,750
Restricted and deferred stock awards—unvested [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,147,167	2,361,832	2,162,662	2,430,242
Conversion shares related to the convertible senior notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	9,225,900	8,921,749

SEGMENTS AND REVENUE RECOGNITION Segment Results of Operations (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023		Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 7,651,087,000	$ 8,154,563,000	[1]	$ 17,474,032,000	$ 16,907,636,000	[1]
AOI	909,831,000	871,189,000	[2]	1,988,569,000	1,764,200,000	[2]
Revision of Prior Period, Error Correction, Adjustment
Segment Reporting Information [Line Items]
Revenue		2,544,000			(2,496,000)
Concerts [Member] | Revision of Prior Period, Error Correction, Adjustment
Segment Reporting Information [Line Items]
Change in Revenue Due to Revision of Prior Period Error Corrections		2,500,000			2,500,000
Change in AOI Due to Revision of Prior Period Error Corrections					5,100,000
Ticketing [Member] | Revision of Prior Period, Error Correction, Adjustment
Segment Reporting Information [Line Items]
Change in Revenue Due to Revision of Prior Period Error Corrections		5,000,000
Change in AOI Due to Revision of Prior Period Error Corrections		35,100,000			23,800,000
Operating Segments [Member] | Concerts [Member]
Segment Reporting Information [Line Items]
Revenue	$ 6,580,595,000	$ 6,971,830,000	[1]	$ 14,447,009,000	$ 13,886,333,000	[1]
Percentage of Concert revenue to consolidated revenue	86.00%	85.50%		82.70%	82.10%
AOI	$ 474,053,000	$ 340,904,000		$ 742,936,000	$ 504,694,000	[1]
Operating Segments [Member] | Ticketing [Member]
Segment Reporting Information [Line Items]
Revenue	$ 693,704,000	$ 837,624,000	[1]	$ 2,147,559,000	$ 2,219,667,000
Percentage of Ticketing revenue to consolidated revenue	9.10%	10.30%		12.30%	13.10%
AOI	$ 235,704,000	$ 351,574,000	[1]	$ 812,352,000	$ 904,014,000	[1]
Operating Segments [Member] | Sponsorship and Advertising [Member]
Segment Reporting Information [Line Items]
Revenue	$ 390,345,000	$ 366,822,000		$ 913,856,000	$ 839,799,000
Percentage of Sponsorship & Advertising revenue to consolidated revenue	5.10%	4.50%		5.20%	5.00%
AOI	$ 275,329,000	$ 250,265,000		$ 627,926,000	$ 548,935,000
Operating Segments [Member] | Corporate Segment
Segment Reporting Information [Line Items]
Revenue	0	0		0	0
AOI	(68,182,000)	(64,736,000)		(172,192,000)	(160,544,000)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue	(13,557,000)	(15,199,000)		(34,392,000)	(22,577,000)
Intersegment Eliminations [Member] | Concerts [Member]
Segment Reporting Information [Line Items]
Revenue	7,268,000	5,698,000		19,671,000	9,896,000
Intersegment Eliminations [Member] | Ticketing [Member]
Segment Reporting Information [Line Items]
Revenue	6,289,000	9,501,000		14,546,000	12,681,000
Intersegment Eliminations [Member] | Sponsorship and Advertising [Member]
Segment Reporting Information [Line Items]
Revenue	0	0		175,000	0
Intersegment Eliminations [Member] | Other and Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue	$ (13,557,000)	$ (21,713,000)		$ (34,392,000)	$ (38,163,000)
Percentage of Other and Eliminations to Total Revenue	(0.2)	(0.3)		(0.2)	(0.2)
AOI	$ (7,073,000)	$ (6,818,000)		$ (22,453,000)	$ (32,899,000)
Intersegment Eliminations [Member] | Corporate Segment
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 0		$ 0	$ 0
[1] Prior period revenue was restated as further discussed in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the three and nine months ended September 30, 2023, the restatement decreased our Concerts segment revenue by $2.5 million and $2.5 million, respectively. For the three months ended September 30, 2023, the restatement increased our Ticketing segment revenue by $5.0 million. [2] For the three and nine months ended September 30, 2023, the restatement increased our AOI and operating income by $35.1 million and $18.7 million, respectively. See further discussion in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements

SEGMENTS AND REVENUE RECOGNITION Reconciliation of AOI (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023		Sep. 30, 2024	Sep. 30, 2023
Reconciliation of AOI [Line Items]
AOI	$ 909,831,000	$ 871,189,000	[1]	$ 1,988,569,000	$ 1,764,200,000	[1]
Acquisition expenses	94,565,000	40,968,000		95,087,000	79,108,000
Amortization of non-recoupable ticketing contract advances	16,996,000	16,921,000		62,237,000	58,518,000
Depreciation and amortization	137,001,000	130,653,000		407,324,000	382,352,000
Gain on sale of operating assets	3,968,000	1,583,000		5,398,000	8,092,000
Astroworld estimated loss contingencies	0	0		279,915,000	0
Stock-based compensation expense	25,712,000	30,572,000		85,450,000	85,905,000
Operating Income (Loss)	639,525,000	653,658,000	[1]	1,063,954,000	1,166,409,000	[1]
Astroworld Festival
Reconciliation of AOI [Line Items]
Astroworld estimated loss contingencies				280,000,000
Revision of Prior Period, Error Correction, Adjustment
Reconciliation of AOI [Line Items]
Operating Income (Loss)		35,126,000			18,730,000
Change in AOI and Operating Income Due to Revision of Prior Period Error Corrections		35,100,000			18,700,000
Operating Segments [Member] | Concerts [Member]
Reconciliation of AOI [Line Items]
AOI	474,053,000	340,904,000		742,936,000	504,694,000	[2]
Operating Segments [Member] | Ticketing [Member]
Reconciliation of AOI [Line Items]
AOI	235,704,000	351,574,000	[2]	812,352,000	904,014,000	[2]
Operating Segments [Member] | Sponsorship and Advertising [Member]
Reconciliation of AOI [Line Items]
AOI	275,329,000	250,265,000		627,926,000	548,935,000
Operating Segments [Member] | Corporate Segment
Reconciliation of AOI [Line Items]
AOI	$ (68,182,000)	$ (64,736,000)		$ (172,192,000)	$ (160,544,000)
[1] For the three and nine months ended September 30, 2023, the restatement increased our AOI and operating income by $35.1 million and $18.7 million, respectively. See further discussion in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements [2] Prior period revenue was restated as further discussed in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the three and nine months ended September 30, 2023, the restatement decreased our Concerts segment revenue by $2.5 million and $2.5 million, respectively. For the three months ended September 30, 2023, the restatement increased our Ticketing segment revenue by $5.0 million.

SEGMENTS AND REVENUE RECOGNITION Ticketing Contract Advances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Amortization of non-recoupable ticketing contract advances	$ 16,996	$ 16,921	$ 62,237	$ 58,518
Prepaid Expenses [Member] | Ticketing [Member]
Capitalized Contract Cost [Line Items]
Ticketing contract advances	185,600		185,600		$ 143,900
Other Noncurrent Assets [Member] | Ticketing [Member]
Capitalized Contract Cost [Line Items]
Ticketing contract advances	$ 125,100		$ 125,100		$ 135,600

SEGMENTS AND REVENUE RECOGNITION Performance Obligation (Details) - Sponsorship and Advertising [Member] $ in Billions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue related to future benefits to be provided by the Company	$ 1.5
Percentage of revenue on contracts to be recognized during the remainder of current year	11.00%
Percentage of revenue on contracts to be recognized next year	36.00%
Percentage of revenue on contracts to be recognized in two years	27.00%
Percentage of revenue to be recognized on contracts thereafter	26.00%

SEGMENTS AND REVENUE RECOGNITION Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, current	$ 3,034,514		$ 3,034,514		$ 3,398,028
Recognition of deferred revenue	1,089,634	$ 869,060	3,144,459	$ 2,888,270
Concerts [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Recognition of deferred revenue	1,032,868	814,504	2,885,696	2,629,546
Ticketing [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Recognition of deferred revenue	50,140	37,124	165,463	133,365
Sponsorship and Advertising [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Recognition of deferred revenue	$ 6,626	$ 17,432	$ 93,300	$ 125,359

CORRECTION OF ERRORS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023		Sep. 30, 2024	Sep. 30, 2023		Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable	$ 2,693,998			$ 2,693,998				$ 2,024,649
Assets, Current	9,775,154			9,775,154				9,533,349
Total assets	19,747,070			19,747,070				19,029,640
Accrued expenses	3,454,183			3,454,183				3,030,812
Total current liabilities	9,680,578			9,680,578				9,984,434
Redeemable noncontrolling interests	1,023,907			1,023,907				859,930
Total Live Nation stockholders' equity	287,966			287,966				(52,305)
Total equity	929,743	$ 852,018		929,743	$ 852,018		$ 508,074	552,000	$ 320,493	$ 65,027
Revenue	7,651,087	8,154,563	[1]	17,474,032	16,907,636	[1]
Direct Operating Costs	5,780,188	6,297,883		12,839,737	12,589,606
Operating Income (Loss)	639,525	653,658	[2]	1,063,954	1,166,409	[2]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(585,912)	(631,681)		(1,040,618)	(1,056,302)
Income tax expense	(70,229)	(50,269)		(191,412)	(127,070)
Net income	(515,683)	(581,412)		(849,206)	(929,232)
Net Income (Loss) Attributable to Noncontrolling Interest	(63,878)	(59,932)		(153,906)	(139,405)
Net Income (Loss)	$ (451,805)	$ (521,480)		$ (695,300)	$ (789,827)
Basic net income per common share available to common stockholders of Live Nation	$ 1.72	$ 2.01		$ 2.21	$ 2.70
Diluted net income per common share available to common stockholders of Live Nation	$ 1.66	$ 1.93		$ 2.18	$ 2.66
Comprehensive income	$ 463,828	$ 534,401		$ 647,145	$ 1,031,550
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	63,878	59,932		153,906	139,405
Comprehensive income attributable to common stockholders of Live Nation	399,950	474,469		493,239	892,145
Other expense (income), net	(12,268)	19,251		(110,064)	24,235
Cash and cash equivalents	5,489,919			5,489,919				6,231,866
Deferred revenue	3,034,514			3,034,514				3,398,028
Total liabilities and equity	19,747,070			19,747,070				19,029,640
Increase (Decrease) in Accounts Receivable				(565,093)	(1,030,453)
Increase in accounts payable, accrued expenses and other liabilities				586,960	903,597
Decrease in deferred revenue				(288,566)	(142,593)
Net cash provided by operating activities				680,052	754,621
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect				(738,153)	335,168
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 5,500,803	5,955,362		$ 5,500,803	5,955,362			6,238,956		5,620,194
Previously Reported [Member]
Accounts receivable								2,069,054
Assets, Current								9,577,754
Total assets								19,074,045
Accrued expenses								3,006,281
Total current liabilities								9,959,903
Redeemable noncontrolling interests								893,709
Total Live Nation stockholders' equity								(17,148)
Total equity								587,157
Revenue		8,152,019			16,910,132
Direct Operating Costs		6,330,465			12,610,832
Operating Income (Loss)		618,532			1,147,679
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		(596,555)			(1,037,572)
Income tax expense		(55,874)			(121,362)
Net income		(540,681)			(916,210)
Net Income (Loss) Attributable to Noncontrolling Interest		(57,186)			(142,202)
Net Income (Loss)		$ (483,495)			$ (774,008)
Basic net income per common share available to common stockholders of Live Nation		$ 1.85			$ 2.63
Diluted net income per common share available to common stockholders of Live Nation		$ 1.78			$ 2.59
Comprehensive income		$ 493,670			$ 1,018,528
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest		57,186			142,202
Comprehensive income attributable to common stockholders of Live Nation		436,484			876,326
Total liabilities and equity								19,074,045
Increase (Decrease) in Accounts Receivable					1,014,739
Increase in accounts payable, accrued expenses and other liabilities					916,619
Decrease in deferred revenue					(150,487)
Net cash provided by operating activities					762,441
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect					342,988
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents										5,612,374
Revision of Prior Period, Error Correction, Adjustment
Accounts receivable								(44,405)
Assets, Current								(44,405)
Total assets								(44,405)
Accrued expenses								24,531
Total current liabilities								24,531
Redeemable noncontrolling interests								(33,779)
Total Live Nation stockholders' equity								(35,157)
Total equity								(35,157)
Revenue		2,544			(2,496)
Direct Operating Costs		(32,582)			(21,226)
Operating Income (Loss)		35,126			18,730
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		(35,126)			(18,730)
Income tax expense		5,605			(5,708)
Net income		(40,731)			(13,022)
Net Income (Loss) Attributable to Noncontrolling Interest		(2,746)			2,797
Net Income (Loss)		$ (37,985)			$ (15,819)
Basic net income per common share available to common stockholders of Live Nation		$ 0.16			$ 0.07
Diluted net income per common share available to common stockholders of Live Nation		$ 0.15			$ 0.07
Comprehensive income		$ 40,731			$ 13,022
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest		2,746			(2,797)
Comprehensive income attributable to common stockholders of Live Nation		$ 37,985			15,819
Total liabilities and equity								$ (44,405)
Increase (Decrease) in Accounts Receivable					15,714
Increase in accounts payable, accrued expenses and other liabilities					(13,022)
Decrease in deferred revenue					7,894
Net cash provided by operating activities					(7,820)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect					$ (7,820)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents										$ 7,820
[1] Prior period revenue was restated as further discussed in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the three and nine months ended September 30, 2023, the restatement decreased our Concerts segment revenue by $2.5 million and $2.5 million, respectively. For the three months ended September 30, 2023, the restatement increased our Ticketing segment revenue by $5.0 million. [2] For the three and nine months ended September 30, 2023, the restatement increased our AOI and operating income by $35.1 million and $18.7 million, respectively. See further discussion in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements

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