Live Nation revenues soar to $1.8bn in Q1 2022, as company delivers ‘best first quarter ever’
Giant concert Living country Entertainment just delivered its “best first quarter ever”.
Live Nation announced financial results for Q1 2022 (ended March 31), and on file, the company reports quarterly revenue of $1.8 billion across all divisions, including concerts, ticketing, advertising and sponsorship.
That overall revenue figure increased to the $290.6 million the company announced in the first quarter of 2021, as the concert business remained afloat with reduced show numbers due to the pandemic.
Now, in a letter to investors, Live Nation CEO Michael Rapino notes that “artists are back and fan demand has never been stronger.”
Rapino added that “live events remain a clear priority for consumers as our social lives restart”.
About 11 million fans attended Live Nation shows in Q1 compared to 15 million in Q1 2019.
Live Nation’s concerts business generated $1.2 billion in revenue in the first quarter, compared with $239.4 generated in the same quarter last year.
The company’s ticketing business earned $480.4 million in the three months ended March 31, compared with $28.3 million in the first quarter of 2021.
Meanwhile, Live Nation’s Sponsorship and Advertising Revenue came in at $115.7 million in Q1, compared with $22.6 million in the same quarter last year.
Across concerts, ticket sales and advertising & sponsorships, Live Nation’s operating income is 27 million dollars and Adjusted Operating Income is 209 million dollars.
Rapino added that ticket purchases serve as a “leading indicator” for Live Nation’s overall business and, therefore, strong first-quarter business due to the company’s ticketing division, Ticketmaster delivers, has “boosted the company’s overall bottom line”.
He added that Ticketmaster’s performance “shows [Live Nation’s] concert and sponsorship businesses are positioned to deliver record results this year”.
Live Nation says the quarter was Ticketmaster’s second-highest quarter ever in terms of total transaction volume, excluding cashbacks (see below).
Live Nation says it sold more than 70 million tickets to its shows in 2022, up 36% from this time in 2019.
According to Rapino, “all leading indicators point to double-digit growth in fan attendance at our concerts this year compared to 2019.”
Live Nation says it has sold nearly 20 million more tickets to its concerts this year than it did at this point in 2019, with a large number of tours still on sale.
Looking forward to summer and the rest of the year, Rapino told investors that Live Nation “remains optimistic that we’re making progress as all leading indicators consolidate record activity levels and results.” finance”.
“Our sponsorship and concert businesses are positioned to deliver record results this year.”
Michael Rapino, Live Nation
Rapino added: “We’re also continuing to build on Venue Nation, our already active locations platform, with a pipeline of 20 locations, including the recently opened Moody’s Center inner arena Austinin addition to adding 38 more festivals this year.
“Sponsors are looking to spend more than ever on live entertainment, and Live Nation’s global scale and platform is making us the partner of choice. While the US and UK have fueled many of our activities over the past year, the rest of the world is now rapidly opening up.
“OCESA’s financial performance for the quarter exceeded its Q1 2019 results and both Latin America and West Europe Expect record attendance for our concerts this year.
“I continue to look forward to this being the start of our race. The addressable global marketplace for concerts, ticketing and sponsorship all offers a long way to continue to grow. We have over 60 tours under discussion for 2023 – our earliest indicator of the coming year and a great location for constant growth. ”Worldwide music business
