Pollstar (05/05/22) Speer, Debbie
Live Nation Entertainment announced a record-busting first quarter of ticket sales, with more than 70 million already sold for shows this year. CEO and President Michael Rapino highlighted operating income of $27 million and adjusted operating income (AOI) of $209 million in the quarter, whereas last year the company saw operating income bleed $303.2 million. "This was our highest Q1 AOI ever, exceeding Q1 of 2019 by $94 million, which had been our previous record first quarter," stated Live Nation Chief Financial Officer Joe Berchtold. The company saw $1.803 billion in total revenue on the quarter, with ticket sales accounting for $480.4 million. "Artists are back on the road and fan demand has never been stronger, a reflection that live events remain a clear priority for consumers as our social lives restart," Berchtold said. Rapino pointed to ticket buying as a reflection of overall business, and of demonstrating "how well our concert and sponsorship businesses are positioned to deliver record results this year." He added that Q1 was Live Nation's all-time second-highest quarter for ticketing gross transaction value (GTV), lagging only 2021's fourth quarter. "In primary ticketing, we are now benefiting from the 17 million net new fee-bearing tickets we gained in 2021, which helped drive transacted GTV for the quarter up 33% relative to Q1 2019," Rapino commented. "This quarter, we also added 7 million net new additional tickets through new contracts with venues as well as content creators, setting us up for ongoing growth this year and into 2023."
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