Live Nation reported an 11% increase in total revenue in the third quarter on Tuesday (Nov. 4), the result of continued fan demand for live music and a shift to stadiums from amphitheaters and arenas.  

On a call with analysts and investors, CEO Michael Rapino and COO Joe Berchtold discussed the finer points of the results. Although it’s only November, all signs point to more growth in revenue, ticket sales, attendance and sponsorships in 2026. Fan demand isn’t falling back to earth any time soon, and Live Nation has made investments — renovations, new venues and acquisitions — to capture as much of that demand as possible.  

Here are some of the highlights from the earnings call and Tuesday’s earnings release. 

Stadiums Dominated 2025 and Will Be Big Again in 2026 

In the concert business, the venue matters. Live Nation’s owned and operated amphitheaters historically generate better margins than other venues, but in 2025, there have been more stadium shows. “A lot of artists decided not to play arenas and amphitheaters and go for stadiums,” said Rapino. In fact, in the third quarter, Live Nation had 250 fewer amphitheater shows and 120 more stadium shows, according to Berchtold. But because Live Nation operates some of those stadiums — such as Rogers Stadium in Toronto and Estadio GNP in Mexico City — those shows boosted the quarter’s per-fan profitability, Berchtold said.  

With the FIFA World Cup taking place in the U.S., Canada and Mexico in the summer of 2026, there have been some concerns that soccer matches would limit stadiums’ availability and put a damper on North America tours. But those fears “haven’t seemed to come to life,” Rapino said, adding that stadiums should have “a very strong year [in 2026].”  

Fans Keep Spending 

People may be suffering through nagging inflation and feeling economic jitters, but music fans are proving to be a resilient bunch, as per-fan spending at Live Nation’s owned and operated venues rose 8% through October. Part of the growth comes down to offering the right products. Non-alcoholic drink sales were up by 20%, and ready-to-drink options were up, too. The growth can also be attributed to renovations at amphitheaters that created VIP areas with premium food and beverage options.  

Amidst the growing importance of VIP options to Live Nation’s business, the company said it’s not seeing any pullback from lower income brackets. “No, we have not seen any of that,” Rapino said when asked by Citi analyst Jason Bazinet if there was evidence of “bimodal” consumer behavior. Many shows for 2026 are already on sale, Rapino noted, and the company saw “no pull-back anywhere.”   

More Gains into the Fourth Quarter and 2026 

The fourth quarter and 2026 are expected to continue the trends seen in the first three quarters of 2025. Deferred revenue — money collected but not yet recognized as revenue for accounting purposes — is an important metric for assessing demand for upcoming events. Live Nation’s deferred revenue is up big from a year earlier: Event-related deferred revenue of $3.5 billion was up 37% from the prior-year period, and Ticketmaster’s deferred revenue of $231 million was up 30%. In addition, Live Nation says its large venue show pipeline for 2026 is up by double-digits, and ticket sales for concerts in 2026 have already reached 26 million. Sponsorship commitments for 2026 are up double-digits, too, according to the company.  

An International Tipping Point is Coming 

Fans at international concerts are on track to surpass U.S. fans, the company revealed on Tuesday. In fact, international business is driving Live Nation’s growth. Whereas total fee-bearing gross transaction value (GTV) was up 7%, it rose 16% in international markets. And of the 26.5 million net new tickets from Ticketmaster enterprise clients, 70% came from outside the U.S. Additionally, more than half of the 5 million fans expected to attend concerts at Live Nation’s large (over 3,000 capacity) venues in 2026 will come from international markets.  

Confidence in the Federal Antitrust Lawsuit 

The U.S. Department of Justice’s lawsuit against Live Nation and Ticketmaster is set to go to trial on March 6. While the company’s latest quarterly SEC filing admits the case “could involve significant monetary costs or penalties,” its executives are publicly confident the lawsuit won’t lead to a nuclear option: namely, breaking up Live Nation and Ticketmaster. Berchtold pointed to the remedies decision in September in the Department of Justice’s case against Google, which aimed to restore competition in the internet search and search advertising markets. The court placed certain remedies on Google — a ban on exclusive distribution of Google Search and Chrome, for example — but didn’t break up the company. To Live Nation, the decision “very much validated our view that the claims in our case can’t lead to a breakup of Live Nation and Ticketmaster even if the DOJ prevails on one claim or another,” said Berchtold.  

Bizarrap announced his next “BZRP Music Sessions” is with Daddy Yankee. 

The surprising news was shared in a joint Instagram post between the Argentine hitmaker and reggaetón icon on Tuesday (Nov. 4), alongside a photo of the two artists posing in Biza’s popular studio. “BZRP Music Session #0/66,” reads the caption — hinting that this is the first of 66 brand-new sessions. 

“He came back out of nowhere with a historic bomb,” reads one fan comment, referring to Bizarrap’s return after a 10-month hiatus. His last music session was “BZRP Music Sessions #61” alongside Billboard’s former Latin Artist on the Rise Luck Ra, released in December 2024.  

The news also comes on the heels of Daddy Yankee taking part in the Superstar Q&A panel at the 2025 Billboard Latin Music Week in October. During the hourlong conversation with Billboard’s Leila Cobo, the Puerto Rican artist opened up about his personal and professional rebirth, his latest album Lamento en Baile, and God’s purpose for him.

“I feel reborn, reenergized, and truly joyful with everything I’m experiencing,” he said to Cobo. “The personal, spiritual, and faith-based change certainly feels good in my heart. Each person has a different purpose and design. Everyone has a purpose to fulfill in their lives, and mine was this path: to forefront popular culture, announcing the Kingdom — that’s a challenge. My father is so strategic that he’s calling many people.”

“BZRP Music Session #0/66” is set to drop at 7 p.m. ET on Wednesday. See the announcement post below: 

Sphere Entertainment Co. reported on Tuesday (Nov. 4) that the success of The Wizard of Oz and the Backstreet Boys residency at its state-of-the-art Las Vegas venue boosted revenue and operating income — though those gains couldn’t offset a nearly $130 million operating loss in the third quarter.

Sphere Entertainment generated revenue of $262.5 million, up 15% or $34.6 million, for the quarter ending Sept. 30, compared to the same period last year. Adjusted operating income, an indicator of how much of a company’s revenue will eventually become profit, rose to $36.4 million from negative $10.2 million a year ago. The company also reported an operating loss of $129.7 million, up $12.1 million from a year ago.

Since opening in 2023, Sphere has become a destination for artist residencies, hosting acts including U2, Phish, the Eagles, electronic act Anyma and now the Backstreet Boys, who recently extended their Into the Millennium residency into February 2026. Upcoming acts include the DJ/producer Illenium, who’s slated for a residency in March and April, and No Doubt, which will play the venue beginning in May.

When Sphere isn’t occupied by a concert, the mega-venue also shows movies, including the U2 immersive concert film recording of its U2:UV Achtung Baby Live residency and The Wizard of Oz at Sphere. The company’s executive chairman and CEO, James Dolan, has said that recording, licensing and adapting these films costs significantly less than live performances and presents meaningful upside revenue.

The Wizard of Oz at Sphere — an immersive adaptation of the classic 1939 movie — has sold more than 1 million tickets and generated more than $130 million in sales since its Aug. 28 premiere, the company reported late last month.

In a statement, Dolan called The Wizard of Oz “the best example to-date of experiential storytelling in this new medium.”

He added that the film “has been met with strong consumer demand. Looking ahead, we believe our Company is well positioned for long-term growth as we continue to execute on our global vision for Sphere.”

Quarterly revenue generated by the company’s Sphere segment rose 37% overall to $174.1 million in revenue over the same period last year, boosted by $28.3 million more in revenue coming from the venue’s film screenings, collectively known as The Sphere Experience.

The Sphere Experience posted higher per-show revenue from its 220 showings (up from 207 last year) of three movies: Postcard from Earth, the immersive U2 concert film and The Wizard of Oz at Sphere. An additional 16 concert residency shows compared to the prior year quarter also helped boost event-related revenue by $15 million, though that was offset by “lower average per-concert revenue due to the mix of concerts” and the absence of big sporting and corporate events in the quarter. Sponsorship and advertising on the outside of Sphere, along with suite licensing fees, rose $2.7 million from a year ago.

But more movies and shows mean more expenses, and those associated with The Sphere Experience rose by about $10 million. Meanwhile, event expenses primarily from residency shows rose by nearly $4 million, contributing to an overall 26% increase in the Sphere segment’s operating expenses, which totaled $78.7 million for the third quarter.

Overall, the Sphere segment posted an operating loss of $84.4 million — a $40.6 million improvement from last year — and adjusted operating income of $17.1 million.

Elsewhere, MSG Networks revenue fell 12% to $88.4 million on a more than 13% decline in subscribers and a $12.7 million decrease in distribution revenue.

Halsey is on the mend after spending the night in the emergency room following her Nov. 2 show in Boston.

The singer-songwriter, who had a two-night stop in Boston for her international Back to Badlands tour, took to Instagram Stories on Sunday (Nov. 3) to share that she experienced a “minor medical emergency” after her concert at MGM Music Hall. Despite the overnight ER stay, she confirmed she would be returning to the stage for her second Boston performance as scheduled.

“Boston I’m gonna be honest with ya, after the show last night I was in the ER till 6 this morning,” Halsey wrote. “Minor medical emergency but I am A-Okay now and ready to rock tonight! But if I’m pacing myself, that’s why!” She added a thank you to the hospital staff, calling them “the absolute best team I’ve ever met.”

The 31-year-old artist has been open about her ongoing health journey. In 2022, Halsey revealed she had been diagnosed with systemic lupus erythematosus (SLE) and a rare T-cell lymphoproliferative disorder, conditions that she says are now being managed or are in remission. “Both of which I will likely have for the duration of my life,” she wrote in a June 2024 Instagram post. She also lives with endometriosis and previously shared she suffered a miscarriage while on tour at age 20.

This latest health scare comes amid a particularly prolific era for the genre-blurring star. The Great Impersonator, released in October 2024 via Capitol Records, debuted at No. 2 on both the all-genre Billboard 200 and Top Album Sales charts. It also debuted atop Billboard’s Top Rock & Alternative Albums and Top Alternative Albums charts. The set earned 93,000 equivalent album units in the United States in the week ending Oct. 31, according to Luminate.

Halsey previously ruled Top Alternative Albums for a week each with If I Can’t Have Love, I Want Power in 2021 and Badlands in 2015.

Halsey has charted 20 songs on the Billboard Hot 100, including two No. 1 hits: her 2016 Closer collaboration with The Chainsmokers, which topped the chart for 12 weeks, and 2019’s “Without Me,” her first solo No. 1. She’s also earned multiple top 10 albums on the Billboard 200, including Badlands (No. 2), Hopeless Fountain Kingdom (No. 1), Manic (No. 2), and If I Can’t Have Love, I Want Power (No. 2).

Winnie Harlow has responded to criticism of her Whitney Houston Halloween costume, saying she never meant to insult the late singer.

Harlow recreated Houston’s appearance at the 2001 BET Awards, and posted a subsequent video of her reenacting the icon’s famous Lifetime Achievement Award speech. After some blowback, Harlow addressed the situation on her Instagram Story.

“My video wasn’t mocking Whitney. That clip has always been one of my favorite of hers,” Harlow wrote, via People. “She was radiant, funny, confident and captivating. She was being awarded. The way she moved across that stage with flair and swag? Iconic.”

She continued, “People are more than headlines. A woman who could command a room, make you laugh & carry herself like royalty. If all you see when you see Whitney are her struggles, you’re missing her charisma, humor, talent, personality & wit. She was hilarious & magnetic. THAT is and what should always be highlighted. The light that made us all love her. Attention to positivity.”

Celebrities had mostly praised Harlow’s costume in her Instagram comments, with Naomi Campbell, Halle Berry, Ciara, Tracee Ellis Ross, Rita Ora and Law Roach showering Harlow in praise.

Houston struggled with drug addiction throughout most of her adult life. She died from an accidental drowning in 2012, with an investigation concluding that heart disease and cocaine were contributing factors. The report also found that the singer had marijuana, Xanax, Benadryl and other meds in her system.

Whitney Houston’s impact on the Billboard charts is both historic and unmatched. With 11 No. 1 hits on the Billboard Hot 100, she stands among the top 10 most successful solo artists in U.S. chart history. From 1985 to 1988, she made history as the only artist ever to land seven consecutive No. 1 singles, a record that still stands in 2025.

Her signature ballad “I Will Always Love You” spent 14 weeks at No. 1, setting a then-record for the longest-running No. 1 by a solo female artist and topping multiple Billboard charts simultaneously. She earned 16 Billboard Music Awards, including a record-breaking 11 wins in a single year (1993), and remains the most awarded female artist in history.