Live Nation Entertainment turned over $1.48bn in the first three months of 2018, up 19% year-on-year (and 16% on a constant currency basis).
The company’s operating loss hit $6m in the period, narrowing considerably on the $21.4m op loss recorded in Q1 2017.
Live Nation’s net loss in the 2018 quarter was $41m, down from $47.8bn in the same period of the prior year.
In a note to shareholders, Live Nation CEO Michael Rapino said: “[We] have now booked enough concerts, sold enough tickets and have enough sponsorship commitments to be confident that we will have a successful 2018, delivering double-digit operating income and AOI growth for the year. We continue to benefit from a global concerts industry that is structurally growing, with strong tailwinds for both supply and demand.”
Q1 concerts revenue was up 20% to $1.04bn, making up 70.8% of company-wide sales. The second biggest revenue driver in the quarter was ticketing, which generated $372.4m, up 19% year-on-year.
Sponsorship and advertising drove $74.6m in revenues in the three months.
“With our global concerts business looking strong again this year, the concerts segment continues to be the engine that powers the Live Nation flywheel strategy, growing the profitability of the concerts business while also driving our sponsorship and ticketing businesses,” wrote Rapino.
He added: “Ticketmaster had a very strong start to the year as well, growing revenue by 19%, operating income by 19% and AOI by 17% for the quarter, as it had its largest quarter in history, transacting almost 60 million tickets for 21% growth in global gross transaction value (“GTV”) to $5 billion.
“At its core, Ticketmaster continues to be the most effective ticketing platform in the world, with the technology to serve venues, sports teams and artists, and with the marketplace to attract and convert ticket buyers. Demonstrating our success, we signed 135 additional clients in the quarter, adding new clients across 19 countries.”
Click the images below for a more detailed breakdown of Live Nation’s Q1 financials.