Ticketmaster Parent Sees Record Year Thanks to Beyonce and Taylor Swift Tours

World tours by pop stars Beyonce and Taylor Swift have boosted earnings for Ticketmaster's parent company Live Nation Entertainment by 36%.

The entertainment company's net income jumped to $540 million in the three months ended Sept. 30, compared to more than $397 million during the same quarter last year. Revenue grew to $8.2 billion in the third quarter, up 32% year-over-year from $6.1 billion.

Shares of Live Nation jumped nearly 3% in after-hours trading in response to its earnings report, which was posted shortly after the market's close.

"Today we delivered our strongest quarter ever and are on pace for a record 2023," said Live Nation Entertainment President and CEO Michael Rapino on Thursday in the company's latest quarterly earnings report.

Earnings per share came in at $1.78 for the quarter, well above analysts' expectations of $1.27, according to estimates tracked by Morningstar.

Ticketmaster saw a 57% jump in revenue year-over-year to $833 million. The website sold a record 257 million fee-bearing tickets so far this year, up 22% from 2022, and is on track to manage over 600 million tickets this year.

Ticket sales for only Live Nation shows rose 17% year-to-date, to 140 million tickets, surpassing the company's 2022 full-year total of 121 million.

A portion of those ticket sales were for the world tours of Beyonce and Taylor Swift, which economists have said contributed to the nation's GDP this summer.