Live Nation jumps amid increased pace for concert ticket sales

Shares of concert promoter Live Nation Entertainment (LYV) are rising after reporting second-quarter results that surpassed analysts' expectations. WHAT'S NEW: For the quarter, the concert promoter reported revenue increased 23% to $2.2B, higher than the average of analysts' expectations $1.88B. With operating income for the quarter up 76% to $74M and adjusted operating income or AOI up 28% for the quarter, Live Nation delivered quarterly earnings per share of 13c, well above analysts' expectations of 8c. WHAT'S NOTABLE: As of mid-July, the company has sold over 50M tickets for its concerts that take place this year, pacing 17% ahead of this point last year. For Q2 the company's number of events rose over 5% to 6,677 while the number of tickets sold rose over 9% to 40.2M. Chief Executive Officer Michael Rapino sees 2016 as another record year for the company due to the pace of concert and ticketing sales running well ahead of last year. "We continue to be by far the leading promoter in the world, having created a business model that is effective at attracting artists from the club to the stadium level, enabling us to then make money in our high margin on-site, ticketing and advertising businesses," Rapino added. TICKETMASTER MARKETPLACE CONTINUES TO GROW: Adding five more countries to its operating base, the company now does business in 27 countries worldwide. Gross transaction value or GTV for Ticketmaster grew 14% in Q2 to $5.7B. The company attributed some of the 30% growth in Ticketmaster to partnerships with Facebook (FB), Bandsintown and Broadway.com, along with traditional distribution partners such as Groupon (GRPN). PRICE ACTION: Shares of Live Nation are up 7.5% to $27.67 per share.