Live Nation has attributed its 17 per cent revenue increase to $1.7bn (£1.3bn/€1.5bn) to its concerts and sponsorship segments’ record first quarters.
The live entertainment giant’s financial results for the three months to March 31 show a strong start to 2019 with adjusted operating income (AOI) hitting $115m, its highest first-quarter figure ever.
Concert fan attendances were up 22 per cent, with tickets sold for 2019 reaching over 49 million, a rise of five per cent through mid-April.
This led to concert revenue increasing 27 per cent, operating loss improving by seven per cent, and the firm delivered its first positive AOI first quarter in our concerts business.
Ticketmaster delivered its fourth highest transacted fee-bearing gross transaction value (GTV) quarter ever, trailing only first quarter 2018 and fourth quarter in both 2017 and 2018.
While Ticketmaster was impacted in the quarter by a pull forward of onsales into the fourth quarter of 2018, by mid-March sales trends had turned around, and through mid-April, Ticketmaster sold four million more concert tickets for shows this year than at the same time last year.
Live Nation president Michael Rapino said: “All of our key indicators speak to continued strong consumer demand for our concerts – our attendance growth in the first quarter, acceptance of market pricing, and solid sales for upcoming shows.
“As a result, we expect an acceleration of our growth in the second quarter, with overall operating income and AOI increasing in the high teens and each segment to deliver double-digit operating income and AOI growth for the quarter.
“With the combination of this near-term view plus concert ticket sales for the year, sponsorship commitments, and the continued success of the Ticketmaster platform, we expect that Live Nation will deliver double-digit operating income and AOI growth for the full year.”
Image: Pixabay
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