Joe Berchtold
President and Chief Financial Officer at Live Nation Entertainment
Thanks, Michael, and good afternoon, everyone. As with last quarter, 2019 is the best comparison for us in terms of understanding our operations and key performance indicators, so most of our focus will be relative to Q2 of 2019.
For the Company, our reported revenue of $4.4 billion for the quarter was $1.3 billion better than Q2 2019 or an increase of 40%. On a constant currency basis, our revenue was $4.6 billion for the quarter, so there was roughly a 4% impact due to the strengthening of the U.S. dollar. In our reported AOI of $480 million for the quarter was $160 million better than 2019, up 50% and led by an improvement of over $100 million in ticketing and $80 million in sponsorship.
On a constant currency basis, our Q2 AOI was $502 million. The FX impact of negative $23 million or 4% was largely driven by the devaluation of the euro and the pound. This was not only our highest Q2 AOI ever but it was also our highest quarterly AOI ever, beating our prior record quarter, which was Q3 of 2019 by 12%. Notable given that Q3 is traditionally our highest AOI quarter each year, and we converted almost 80% of this AOI to adjusted free cash flow of $379 million.
Let me give a bit more color on each division, and then I'll give you more on full year leading indicators. First, in concerts, our AOI was $123 million for the quarter, which compares to $133 million in Q2 of 2019. It was one of concert's strongest second quarters ever despite limited activity in our Asia Pacific region and operating cost increases. Additionally, while OCESA had a very strong return to activity, its AOI largely flows through sponsorship and ticketing while their concerts division absorbs most of its costs. In the quarter, we had over 33 million fans attend 12,500 events, growing nearly 25% compared to Q2 of 2019 when we had 27 million fans attend 10,000 shows. And we continue to see growth in our on-site spend with no signs of change.
Here's what we're seeing so far this year by venue type across our owned or operated buildings. In our amphitheaters, ancillary per fan revenue has risen to $38.5, an increase of $9 per fan over 2019 levels or 30% growth. At our theaters and clubs in the U.S., ancillary per fan revenue has increased by over 25%, driven by higher concession sales and increased purchases of premium packages, fast lane entry and night of show upsells. In our theaters and clubs in the U.K., ancillary per fan revenue has risen by 20% compared to 2019, largely as a result of increased food and beverage consumption, pricing optimization as well as the shift to cashless payment. Finally, at our major festivals, increased spending on concessions, campaign and VIP experiences has driven ancillary per fan revenue up by over 30%.
The consistent theme here is that as we continue elevating our hospitality operations and create more premium options, fans are eager to enhance their experience. At this point, we still have a lot more room to grow these higher-quality experience offerings throughout our owned or operated portfolio, which includes over 400 venues and festivals globally at this point. Next, ticketing had another very successful quarter, delivering $231 million of AOI, making it the most profitable quarter ever for ticketing, beating the record set just last year in the fourth quarter and nearly doubling the Q2 2019 AOI results of $124 million. Our growth came from both primary and secondary ticketing with transacted ticketing GTV up 69% and 141%, respectively.
Transacted ticket volume, excluding refunds, was 77 million tickets, our highest quarter ever, besting our former record of 65 million tickets in Q4 2021 by 18% and 25 million tickets or 48% higher than Q2 of 2019. Transacted ticketing GTV, excluding refunds, was $7.3 billion, our highest quarter ever, besting our former record of $6.6 billion of Q4 of 2021 by 11% and $3.1 billion and 76% higher than Q2 of 2019.
International markets are now largely back and contributing to this growth with transacted ticketing GTV up 67% relative to Q2 2019. As Michael mentioned, approximately 75% of our growth came from concerts, which was due to both higher fan attendance at our concerts and also timing with a number of on sales expected to happen in Q3 getting moved up into Q2. Even as more of the ticket value is captured for content organizers, our secondary marketplaces continue to grow rapidly with four of our five best resale days ever in Q2 and 12 of our top 20 resale days in 2022. We continue to believe that the secondary market is a leading indicator for primary pricing opportunities over the next few years as well as a buffer against any demand fluctuations.
Finally, sponsorship had its biggest quarter ever with AOI of $178 million, 80% higher than our Q2 2019 AOI of $98 million. With the U.S., the U.K. and now Mainland Europe all fully opened, we had high growth in both on-site and online sponsorship with each delivering record Q2 AOI. The growth in our large multiyear multi-asset sponsor speaks to our value of connecting live music fans with global brands. We are nearing in on 100 such major sponsors that, in total, generate well over $0.5 billion in revenue and represents nearly 75% of our growth relative to 2019.
As we look to the remainder of 2022, starting with our leading indicators through late July, all relative to 2019. First, confirmed show bookings are up over 30%, driven by double-digit increases in every market and across all venue types. Our concert ticket sales through the end of July are over 100 million tickets for events this year, up 38% and higher than our full year 2019 fan count. As a result, we expect a very strong Q3 for concerts with more shows and higher attendance, including fan growth at our owned or operated venues where we are continuing to see strong APF increases. Also, similar to last year, we are extending the amphitheater later in the year, adding over 1 million fans in Q4 this year relative to 2019.
Michael also gave the numbers around much of our Q2 fan growth being driven by international markets, which is a great indicator of the broadly global health of our fan base. But I don't want anyone to over extrapolate this to the U.S. market as we expect North America will drive much of our fan growth in Q3. Second, ticketing has sold 183 million primary fee-bearing tickets for events this year, up 30%. Of these, 122 million tickets are for concert events, which is 42% higher than 2019. Related to this, we have $3.2 billion in event-related deferred revenue, double our level in Q2 of 2019.
These are largely tickets that have been sold by Ticketmaster for Live Nation concerts but the revenue and AOI hasn't flowed through yet, and we'll do so over the course of the next year as the events occur. We remain on course for a strong Q3 in ticketing as our deferred revenue is recognized but also impacted by the shift of some of the on sales that moved into Q2. On the sponsorship side, we expect to see continued growth driven by our strong Q3 festival lineup with some of this activity also involving on-site activation support. On the cost side, increases continue to impact us primarily in the venues we operate, amphitheaters, theaters and clubs and festivals. But in all cases, we are delivering increased profitability per fan due to increased ticket and ancillary revenue.
A few other points on 2022, given our presence in the U.K. and mainland Europe, we've experienced FX headwinds. And through the end of June, our AOI has been adversely impacted by $23 million. This was almost entirely in the second quarter as the U.S. dollar strengthened significantly against the euro and the British pound. Based on current rates, we expect our AOI to continue having a 3% to 4% hit in the second half.
We provided detailed guidance on line items that impact our EPS calculation last quarter, and there's just one update that I wanted to make here, which is, as noted, we expect the headwinds with FX rates to continue through the remainder of the year, which at current forward rates result in approximately $15 million quarterly below the line expense due to currency exchange losses on the revaluation of our foreign balance sheet balances to U.S. dollars.
In anticipation of the growth opportunities ahead of us this year, we continue to expect 2022 capital expenditures to be approximately $375 million, with two-thirds allocated to revenue-generating projects. We expect free cash flow conversion from AOI to be back in the mid-50s for the full year. And we ended Q2 with $2.5 billion of available liquidity between free cash and untapped revolver capacity giving us sufficient flexibility to continue investing in growth. We are comfortable with our leverage with over 85% of our debt at a fixed rate and our average cost of debt of roughly 4.3%, positioning us well in this interest rate environment.
With that, let me open the call for questions. Operator?
