Revenue / 05.10.23
Live Nation Reports $3.1B in First Quarter Revenue
Pollstar (05/04/23) Lind, J.R.
Live Nation Entertainment's first quarterly earnings statement for this year disclosed $3.1 billion in revenue, thanks to higher than anticipated ticket sales and growth in nearly every market sector. Analysts had projected earnings of $2.23 billion, while the company's $142.8 million in reported operating income more than quintupled its first-quarter numbers a year ago. "For the first time in three years, all of our markets are fully open. The common theme we are seeing around the world is that live experiences are a high priority for fans," Live Nation stated. The company added that first-quarter event attendance topped 19 million fans while more than 145 million tickets were sold. Concerts generated nearly $2.3 billion in revenue for a 89% year-on-year gain, while sponsorship climbed 47% to $170 million. The first three months of this year saw $677.7 million in ticketing revenues, while analysts forecast slightly less than $400 million. "We sold 73 million fee-bearing tickets in the first quarter, up 40%, and delivered $7.7 billion in fee-bearing gross transaction value, up 60% vs. first quarter 2022," Live Nation declared. "We are seeing growth in both volume and pricing across our global markets. This holds true across all event types from concerts to sports." The company reported that consumer sentiments and market research signal further growth, with "live experiences" spearheading expansion across leisure spending categories.
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Tags: Revenue , Live Nation