Live Nation advises of US$3.8 billion in first quarter revenue

Global entertainment giant Live Nation has set another revenue record, reporting $3.8 billion in first quarter earnings.

Improving the previous mark of US$3.1 billion in the first quarter of 2023, the income level represents a 22% year-over-year increase, with the company says leading indicators point to a strong 2024.

However, Live Nation reported an operating loss of US$37 million for the quarter, down significantly from the $142 million in operating income in the first quarter of 2023, with the company attributing $97 million as being “comprised of accrual related to Astroworld litigation.”

Live Nation Entertainment President and Chief Executive, Michael Rapino explained “our Q1 results demonstrate that live events remain a priority for fans around the world. Global fan demand is stronger than ever, more artists are out on the road, and more venues are being added to bring them together.

“While operating income will be impacted by one-time accruals, we’re on track to deliver another record year with double-digit AOI growth and years of momentum still to come.”

Live Nation reported strong year-over-year increases in all sectors, though, of course, concert revenue was, as ever, the main driver.

In Q1, Live Nation’s concert revenues neared US$2.9 billion - climbing 26% over the same quarter last year- while overall attendance rosep 21% year-over-year to 23 million. Arena-based events led the growth - up 40% to 10 million with increased arena activity reflecting a slowdown in stadium events. There was also strong growth in festival attendance, led by the Latin American market.

In its statement on the results, the company advised “artists touring again this year are achieving increased sell throughs and higher grosses per show at arenas and amphitheatres relative to their 2023 tours.

On the venues side, Live Nation says food and beverage spending at its operated clubs and theatres are up 10% with per-fan spending at its amphitheatres predicted to outpace similarly-sized competitor venues by 2.5 times. Live Nation is putting its capital expenditure for 2024 at US$600 million, with three-quarters of that driven by Venues Nation with five venues accounting for 40% of the spend.

Sponsorship revenue was up 24% to US$211 million, driven by an “increasingly global platform”, with the company noting that 85% of the expected sponsorship commitments for the year are already booked with double-digit increases in the non-alcoholic beverage, consumer packaged goods and retail categories.

Ticketmaster had record Q1 operating metrics as well. Revenue-wise, it’s up 7% over the same quarter last year to US$723 million. Total fee-bearing global transaction value was US$8 billion.

Click here to view the results.

Main image: Live Nation Asia Pacific has today announced upcoming tour dates for Billie Ellish in Australia and New Zealand.