Live Nation advises of soaring revenues over last quarter

Global entertainment Live Nation has advised of its best ever quarterly financial results with its live music and related operations generating US$1.8 billion in revenue.

Covering the three months to 31st March, the company, which owns ticketing platform Ticketmaster, accrued the revenue from an amalgamation of all of its earning sources: concerts, ticketing, advertising and sponsorship.

Rising from US$290 million in the same COVID-19-hit period in 2021, concerts represented revenue of $1.2 billion in the first quarter, ticketing accounted for $480 million while revenue from sponsorship and advertising brought in $115 million in the first quarter.

Nonetheless, Live Nation posted an operating income loss of US$27 million in the first quarter, and an adjusted operating income (AOI) loss of US$209 million - an improvement on the $303 million in the first quarter of last year.

The company has credited Ticketmaster’s strong first quarter performance, as well as more artists returning to touring.

Over the three month reporting period. Ticketmaster generated an estimated gross transactional volume of 111, 292 tickets, compared to the 17,151 sold during the same period the year prior. This segment of the business added seven million net new tickets in the first quarter.

There were an estimated 6,607 concerts in the three months, compared to 668 concerts held in the same period last year. 4,716 of these events were held in North America, while 1,891 were held Internationally. In the first quarter of last year, only 304 were held in North America and 364 were held Internationally.

Explaining that the record first quarter revenue “greatly surpassed” expectations, Live Nation President and Chief Executive, Michael Rapino advised in his statement accompanying the financial result, that “momentum has picked up for all of our businesses over the course of the first quarter, and as a result, we delivered financial performance that greatly surpassed our previous expectations.”

With audiences returning to live events, Rapino noted “live events remain a clear priority for consumers as our social lives restart … artists are back on the road and fan demand has never been stronger.”

Looking forward, Rapino added “all leading indicators point to double-digit growth in fan attendance at our concerts this year relative to 2019.”

Image: Dua Lipa on stage. Credit: Live Nation Entertainment.