MBW Explains is a series of analytical features in which we explore the context behind major music industry talking points – and suggest what might happen next. Only MBW+ subscribers have unlimited access to these articles. MBW Explains is supported by Reservoir.
Live Nation Entertainment posted revenue of USD $7.0 billion in Q2 2025, up 16% YoY, driven by what CEO Michael Rapino called “fan attendance hitting new highs and ticket buying strong at every price point… from VIP to the back row.”
The bulk of that revenue came from LN’s Concerts (concert promotion) segment, which generated $5.946 billion in Q2, up 19% YoY – representing its highest Q2 revenue on record.
The results marked a strong turnaround from Live Nation’s Q1 2025 performance, when revenue fell 11% to $3.38 billion amid foreign exchange headwinds and reduced non-concert activity.
What makes the company’s Q2 revenue growth especially impressive?
Live Nation actually promoted fewer events overall in the period (vs. Q2 2024), signaling a strategic shift towards larger, higher-value events… outside North America.
SEC filings show that Live Nation’s Concerts division promoted 14,292 events globally in the three months to end of June – down from 14,678 in the same quarter last year.
That decline was due to North America, where the number of quarterly LN music events fell significantly, down to 9,024 in Q2 2025 from 9,990 in Q2 2024 – a decline of 876 shows YoY.
Meanwhile, Live Nation’s volume of international events in Q2 2025 rose to 5,268 from 4,688 in the prior-year quarter (see below).
Source: Live Nation 10Q
Yet despite fewer total shows, global attendance at Live Nation concerts surged 14% YoY to 44.1 million fans in Q2.
The total amount of fans attending Live Nation events in North America was flat at 23.2 million.
But internationally (ex-NA), attendance exploded, up 33% YoY to 20.9 million.
Tellingly, global stadium attendance of Live Nation shows tripled YoY, the firm said – while attendance of international concerts at arenas, specifically, increased 20% YoY.
We can use some of these numbers to show how Live Nation’s ‘bigger is better‘ strategy has unfurled, especially outside North America, over the past year:
Don’t assume this growth is all about higher ticket prices, either.
When constant currency is applied, according to MBW’s analysis of LN earnings data, the average per-fan spend at a Live Nation concert in Q2 2025 was lower than it was in Q2 2024.
In Q2 2025, the average fan at an LN show spent $134.69 (this represents spending across ticket price, food/beverages, parking, VIP, and other ancillary revenue at each concert).
In Q2 2024, the equivalent spend (using constant currency) was over $16 per head higher, at $151.16 per fan.
What does this tell us?
LN’s rapid international expansion strategy – combined with a rise in per-show attendance – means it is accepting a lower average fan spend as a trade-off to dramatically expand its global reach.
Live Nation said that its growth in international concert attendance was “driven by strength across Europe, Asia-Pacific and Latin America”.
Discussing the Q2 results yesterday (August 8), Live Nation President & CEO, Michael Rapino, maintained his outlook that 2025 will be a “historic year for live music”.
Credit: Live Nation/press
“Global expansion continues to drive touring growth, with fan attendance hitting new highs and ticket buying strong at every price point from VIP to the back row.”
Michael Rapino, Live Nation
Said Rapino: “Global expansion continues to drive touring growth, with fan attendance hitting new highs and ticket buying strong at every price point from VIP to the back row. To meet this momentum, we’re expanding our global venue portfolio and investing in the artists who make it all possible.”
On that note: in an investor media release yesterday (August 8), Live Nation said it is investing $15 billion in artist events globally in 2025, making it the “largest financial supporter of the artist community” in the industry.
Added Rapino: “We’re continuing to deliver record revenue and concert ticket sales, and with investments focused on high-growth markets and fan experiences, we’re positioned to grow operating income and adjusted operating income by double-digits this year and for years to come.”
As you can see above, Live Nation operates three main divisions:
(i) its Concerts segment, which promotes and produces live events;
(ii)Ticketmaster, its ticketing platform that sells tickets for both Live Nation shows AND events by other promoters; and
(iii) its Sponsorship & Advertising division.
Q2: Ticketmaster and sponsorship growth
Ticketmaster revenue increased 2% YoY to $743 million in Q2, while gross transaction value (GTV) reached a record Q2 total of $9 billion, up 7% YoY.
Ticketmaster sold over 83 million fee-bearing tickets in the three months, up 4% YoY, with international ticket volume up double-digits.
Secondary ticketing GTV declined mid-single digits YoY due to “increased market-based pricing in concerts and sports”, along with several lower-performing sporting events, said Live Nation.
Concerts ticket volume was up high-single digits YoY, while sports and other content continued to trail 2024 levels.
The company’s sponsorship and advertising segment generated revenue of $341 million, in Q2, up 9% YoY.
Live Nation expanded its brand partner portfolio through new agreements with major consumer brands including Kraft Heinz, Airbnb, and Samsung, as well as a ticket access agreement with United Airlines.
Venue expansion accelerates
Live Nation has continued its venue expansion strategy, opening four amphitheaters across the US and adding one stadium in Canada year-to-date.
The company expects to bring additional venues online in the second half of 2025, with key projects underway in Mexico, Colombia, and Canada.
Live Nation’s venue development pipeline continues to grow, expecting ten new large venues to open next year – each with fan capacity of 3,000 and above – across the US and international markets.
Recent international expansion includes Live Nation’s first venue in Colombia, the 15,000-seat Arena Cañaveralejo in Cali, operated through partners OCESA and Grupo Páramo.
The company has also made moves into South Africa and Portugal, launching The Dome in Johannesburg and acquiring a majority stake in Lisbon’s MEO Arena.
Reservoir (Nasdaq: RSVR) is a publicly traded, global independent music company with operations across music publishing, recorded music, and artist management.Music Business Worldwide
Young Duo Returns After Strong Summer League Showing
The San Antonio Spurs have re-signed Harrison Ingram and Riley Minix to Two-Way contracts, the team announced. As is standard, the terms of the deals were not disclosed.
Both players contributed to the Spurs’ 4-1 record in the 2K26 NBA Summer League in Las Vegas. The re-signings reflect San Antonio’s continued investment in developing young talent through their system.
Harrison Ingram’s Growth
Ingram was selected by the Spurs with the 48th overall pick in the 2024 NBA Draft. He played in five NBA games last season while spending most of the year with the Austin Spurs, San Antonio’s G League affiliate. In Austin, he averaged 12.3 points, 8.9 rebounds, and 4.2 assists across 48 games, logging 32.6 minutes per contest.
During the Summer League, the Dallas native continued to show promise, posting averages of 9.6 points, 7.4 rebounds, and 3.6 assists in 23.5 minutes per game.
Ingram began his college career at Stanford, where he earned Pac-12 Freshman of the Year in 2021-22. He later transferred to North Carolina, where he played 37 games in the 2023–24 season and averaged 12.2 points, 8.8 rebounds, and 2.2 assists. He was named to the Third-Team All-ACC.
Riley Minix’s Resilience and Production
Minix played just one NBA game last season but made a strong impact with Austin in the G League. He averaged 19.3 points and 6.6 rebounds over 19 games, despite missing significant time due to injury.
In Las Vegas, Minix delivered solid performances, averaging 11.3 points and 5.3 rebounds in 26.5 minutes across four Summer League games.
Before joining the Spurs organization, Minix played four college seasons at Southeastern University before transferring to Morehead State. There, he started all 28 games in the 2023–24 season and averaged 22.4 points and 10.1 rebounds, earning Ohio Valley Conference Male Athlete of the Year honors.
Looking Ahead
The Spurs’ decision to bring back Ingram and Minix on Two-Way contracts underscores their focus on player development. Both athletes have shown potential and will look to carve out larger roles in San Antonio’s evolving rotation.
Today on The Stream, five ‘Blue Zones’ host some of the healthiest, longest-living people. What’s behind their longevity?
Blue Zones are five diverse regions where people live longer and stay healthy into their 90s and 100s. Their secrets? Mostly plant-based diets, daily natural movement, strong social ties, and a clear sense of purpose. These simple, sustainable habits keep people active and resilient. As the modern world faces chronic illness and ageing populations, the Blue Zones offer practical lessons on how we might live longer, healthier, and more fulfilling lives.
Presenter: Stefanie Dekker
Guests: Anna Katsas – Videographer and content creator Paola Demurtas – Longevity guide Luigi Fontana – Director, Charles Perkins Centre Clinic
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For decades, cities grew in chaotic fashion — or from the 19th century onwards, through rigid and linear plans. Today, however, thanks to the convergence of sensors, data and algorithms, urban environments are shifting towards adaptive models that evolve in real time, based on the continuous collection and analysis of information. In this article, we explore the potential of AI in urban planning and look at real-world examples showing the direction cities are taking.
AI applications in urban planning
The AMIGOS project
Launched in June 2023, the AMIGOS (Active Mobility Innovations for Green and Safe City Solutions) project received €9.1 million in funding from the Horizon Europe programme. Led by Hamburg, the initiative involves 14 cities and 14 partner organisations from 16 countries.
Its goal is to promote active, inclusive and safe mobility solutions through five urban “Living Labs” (Hamburg, Gabrovo, Lappeenranta, Istanbul and Las Rozas) and ten additional “Safety Improvement Areas”, including cities such as Reykjavik, Bologna and Ankara.
Among its core tools is a cloud-based Big Data platform that gathers, stores and analyses large volumes of urban data—on vehicles, pedestrians, air quality, noise, and more—to build predictive models and digital twins that inform urban planning.
The project’s methodology focuses on co-creation with local stakeholders—especially vulnerable users—to optimise public spaces, promote active transport, enhance road safety and cut emissions, all while assessing environmental and social impacts, as well as the potential for replication.
The ELABORATOR project
Another Horizon Europe initiative, ELABORATOR (European Living Lab on designing sustainable urban mobility towards climate neutral cities) has a budget of nearly €12.4 million and brings together a consortium of 38 partners, including cities, academic institutions and technology providers.
This holistic approach includes interventions such as smart control tools, dynamic redistribution of public space, shared mobility services, and active transport options — all co-designed with vulnerable users and local authorities.
These measures will be implemented in six Lighthouse Cities (Milan, Copenhagen, Helsinki, Issy-les-Moulineaux, Zaragoza and Trikala) and six Follower Cities (Lund, Liberec, Velenje, Split, Krusevac and Ioannina), following a model of replication and knowledge transfer.
In Helsinki, for example, the project is rolling out solutions to improve safety at pedestrian crossings (especially where bikes and e-scooters are involved), optimise parking for micromobility, and deliver real-time alerts using the city’s digital twin.
Other city-level initiatives
Beyond these large-scale projects, many cities are developing their own AI-based initiatives to improve traffic flow, protect the environment, or support the design of more socially inclusive spaces. Here are just a few examples we have come across:
Aveiro Tech City Living Lab (Portugal): The city of Aveiro has deployed a network of 44 urban nodes — such as smart lampposts and sensor boxes on buildings — equipped with radar, LiDAR, video surveillance, environmental sensors, and multi-protocol communications (5G, ITS-G5, LoRaWAN, etc.), with edge processing capabilities. The platform enables real-time analysis of traffic, pedestrian safety, emergencies and experimental services for industry and universities.
SmartSantander (Spain): Santander is home to a large-scale urban IoT lab where technologies are tested in real-world settings across transport, environment and connectivity applications.
Bologna Civic Digital Twin (Italy): Bologna is working on a “civic digital twin” that simulates social and spatial dynamics in real time to foster inclusive and participatory urban planning.
As these examples show, AI is becoming a key tool in reimagining our cities in smarter, more participatory ways. The benefits — better mobility, more human-centred spaces, optimised services — are already tangible. But like any technology, urban AI brings its own challenges: from safeguarding privacy and building public trust to ensuring no one is left behind in the digital transformation.
In the end, the goal is not simply more technology — it is applying it in ways that truly respond to people’s needs.
A South African court has ruled that Zambia’s government can repatriate the body of former President Edgar Lungu and give him a state funeral, despite his family’s opposition.
Lungu’s family had wanted to bury him privately in South Africa, where he died in June. They were left visibly distraught by the Pretoria high court’s decision.
The Zambian state welcomed the ruling, saying that while it mourned with the former statesman’s family, Lungu “belongs to the nation”.
The dispute follows a long-standing feud between Lungu and his successor, President Hakainde Hichilema, with Lungu’s family saying he had indicated that Hichilema should not attend his funeral.
Handing down the ruling, judge Aubrey Ledwaba said the Zambian government was “entitled to repatriate the body of the late president” and ordered his family to “immediately surrender” it to authorities.
Following Lungu’s death from an undisclosed illness at the age of 68, the family wanted to be in charge of the funeral arrangements, including the repatriation of his body, but the Zambian authorities sought to take control.
The government and his family later agreed he would have a state funeral before relations broke down over the precise arrangements, prompting the family to opt for a burial in South Africa.
Zambian attorney general Mulilo D Kabesha, speaking over loud wails from Lungu’s relatives, said the ruling was not a win for the government but rather “what makes good sense”.
“When you are the father of the nation, you can’t restrict yourself to your immediate family,” he said.
Mr Kabesha praised the court for making a “sound judgment” and said that while the family had a right to appeal, this was a “learning curve” for those aspiring to the highest office.
Lungu led Zambia from 2015 until 2021 when he lost the election to Hichilema by a large margin.
After that defeat he stepped back from politics but later returned to the fray.
new video loaded: Ocean Livestream Captivates Argentina Amid Scientific Research Cuts
By Jamie Leventhal and McKinnon de Kuyper•
As Argentina’s president cut funding for scientific research, hundreds of thousands of people have watched a livestream of a deep sea exploration, partly out of interest in nature and partly as a form of activism.
Good morning. OpenAI’s GPT-5 is live and free! You can read all about Sam Altman’s latest LLM model and what this does to its competition with Google and Meta here. How will it impact all the entrepreneurs and business leaders who are building business models around these ever-changing technologies? The answer may be, “not much.”
I spoke with serial entrepreneur Geoff Nudd yesterday, whose startup Anonymous Health deploys AI to help people overcome addiction and unwanted habits. Launched in June, it now serves more than 10,000 users. While Nudd is pleased to have access to more intelligence, he likens the update to the “heyday of semiconductors where you always want to be planning for what’s going to be out there in 18 months.”
Nudd argues there are five main components to delivering value: the LLM, the context, the prompt, the workflow and the evaluation. “It’s those five things working together in concert that really create magic,” he says. “The frontier models are effectively commoditized. How you create value goes back to those other four components.”
“Folks like us will go to whatever is cheapest at some point, because they’re all basically the same,” he added. “If I have the system of record for the industry, plus touch points into other systems, then I have the broadest possible context.”
His advice: Seek breadth in your systems, go deep in understanding your customer and deploy new capabilities with purpose. Nudd’s model, for example, uses AI to engage users at times of high risk for addictive behavior. It’s a tool to help humans live better lives in an age of AI.
Top news
Trump demands Intel CEO’s resignation
In a Thursday post on Truth Social, President Donald Trump described Intel CEO Lip-Bu Tan as “highly conflicted” and demanded that he resign. Earlier in the week, Sen. Tom Cotton asked that Tan be removed for his alleged personal investments in Chinese companies.
Tan denounces “misinformation”
“There has been a lot of misinformation circulating about my past roles . . . I want to be absolutely clear: Over 40+ years in the industry, I’ve built relationships around the world and across our diverse ecosystem — and I have always operated within the highest legal and ethical standards,” Tan said.
Context: Intel’s board and CEO disagree on strategy
Board chairman Frank Yeary believes the company should exit the chip manufacturing business entirely; Tan believes it is central to the business and doesn’t want Intel to become dependent on foreign suppliers, the WSJ reports.
Bitcoin jumps on new 401(k) rules
President Trump is set to sign an executive order allowing holders of 401(k) retirement savings plans to invest in crypto. Bitcoin rose on the news. The FT reports that 154 public companies have bought or plan to buy crypto for their balance sheets, committing a total of $98.4 billion. In the previous year companies had only $33.6 billion to crypto. Companies are tempted to acquire Bitcoin because stock investors like having exposure to crypto without actually buying it directly, and the added demand from companies has boosted the price of Bitcoin.
President Trump appointed Stephen Miran to the Fed
Miran will serve temporarily on the Federal Reserve’s Board of Governors, filling a vacancy until January when a permanent appointment can be made. Miran was the head of the White House Council of Economic Advisers. He is best-known as the author of the so-called “Mar-a-Lago Accord” document, titled “A User’s Guide to Restructuring the Global Trading System,” which argued in favor of raising tariffs on imports to rebalance global trade. He is also an inflation hawk.
Switzerland reels from 39% tariff blow
Swiss businesses are struggling to figure out how they will survive now that their U.S. export market is subject to a 39% tariff, one of the highest on Trump’s list. Switzerland’s main exports are pharmaceuticals, watches, industrial machinery, chocolate and cheese. “The worst-case scenario has become a reality,” said the Swiss lobby group for engineering and tech industries. “If this exorbitant customs burden is maintained, the Swiss tech industry’s export business to the U.S.A. will be effectively annihilated.” To add insult to injury, the CPB added another category of goods into the 39% bracket: gold bars—another Swiss export staple. Context: The Swiss don’t understand why Trump regards the country with such hostility.
Apple gifts Trump “Made in USA” plaque
Apple CEO Tim Cook presented President Trump with a 24-karat gold “Made in USA” plaque during a meeting celebrating the tech company’s plan to invest a further $100 billion in U.S. manufacturing. That increases Apple’s commitment to domestic production to $600 million.
Other news: The Israeli cabinet approved a plan to fully occupy Gaza City … Armenia and Azerbaijan have agreed to a U.S.-brokered peace deal … The U.S. DOJ announced a $50 million reward for the capture of Venezuelan dictator Nicolas Maduro, whom the administration believes supports various organized crime operations, drug dealers, gangs and gun-runners.
The markets
S&P 500 futures were up 0.26% this morning, premarket, after the index closed flat yesterday. STOXX Europe 600 was up 0.15% in early trading. The U.K.’s FTSE 100 was down 0.11% in early trading. Japan’s Nikkei 225 was up 1.85%. China’s CSI 300 was down 0.24%. The South Korea KOSPI was down 0.55%. India’s Nifty 50 was down 0.77%. Bitcoin rose to $116.5K.
CEO Daily is compiled and edited by Joey Abrams and Jim Edwards.
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Beijing warns Manila to stop ‘playing with fire’ after Marcos signals potential Taiwan conflict involvement.
China has sharply criticised Philippine President Ferdinand Marcos Jr after he suggested his country would be drawn into a potential conflict between China and the United States over Taiwan.
During a state visit to India this week, Marcos said the Philippines’ geographic proximity and the large Filipino community in Taiwan meant the country would be forced to get involved in the event of war.
“If there is an all-out war, then we will be drawn into it,” Marcos told Indian broadcaster Firstpost. “There are many, many Filipino nationals in Taiwan and that would be immediately a humanitarian problem.”
In response, China’s Ministry of Foreign Affairs issued a strongly worded statement on Friday, warning Manila not to “play with fire” and urging it to uphold the one China principle.
“Geographical proximity and large overseas populations are not excuses for interfering in others’ internal affairs,” the statement read.
Tensions between China and the Philippines have intensified in recent years over territorial disputes in the South China Sea. Both sides have accused each other of provocations, with altercations at sea involving ramming incidents, water cannon blasts, and clashes involving weapons such as spears and knives.
Beijing continues to assert that Taiwan is part of its territory and a breakaway province, a position Taipei rejects.
China also dismissed Marcos’s justification as undermining both international law and the Association of Southeast Asian Nations charter, saying his comments risk destabilising regional peace and harming the interests of the Philippine people.
Marcos’s trip to India also saw the signing of new security agreements aimed at strengthening defence ties between New Delhi and Manila, including cooperation between both countries’ armies, air forces and navies. Indian warships recently began joint patrols with the Philippine Navy in the contested South China Sea in a move likely to anger China.
In another sign of rising tensions, Philippine officials earlier this week condemned the launch of a Chinese rocket, which they said dropped suspected debris near a western province, alarming residents and threatening local ships and aircraft. No damage or injuries were reported.
The escalating maritime standoff has also increasingly drawn in the United States, which has a mutual defence pact with the Philippines. Washington has reaffirmed its commitment to defend Filipino forces, including coastguard personnel, aircraft and public vessels, should they come under attack anywhere in the South China Sea.
