LIVE NATION POSTS (ANOTHER) RECORD QUARTER
Another record quarter is in the books for Michael Rapino's Live Nation, which posted Q1 revenue of $3.8b, up 21% over 2023. The strong start to 2024 presages another massive year for the live-sector giant.
LN's strong growth was driven by concerts, which saw revenue rise 26% to $2.9b, a record for Q1, with full-year margins expected to be higher than in 2023. Adjusted operating income rose 15% to $367m.
Ticketmaster revenue rose 7% to $723m; AOI was up 5% to $284m, with approximately 77m fee-bearing tickets sold, the most ever in Q1, driven by double-digit international growth. The company’s full-year margins are expected to be consistent with last year.
An operating loss of $37m was attributed to a $97m reduction “related to Astroworld litigation.”
The company expects a record 2024, pointing to:
- Plans to open at least 12 major venues globally in 2024-25, creating capacity for 8m+ additional fans
- Concert-ticket sales for arena and amphitheater shows up by double digits
- More than 85% of full-year shows at large venues booked, compared to 75% last year
- Fan count for Q1 shows nearly doubling for international artists compared to five years ago, with YTD tickets sales per Latin show in U.S. up double digits year over year
- 85% of expected sponsorship commitments for the year booked, up double digits
“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,” said President and CEO Rapino. “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.”
