Live Nation Reports Its Largest-Ever First Quarter at $3.8 Billion USD
Claiming they are on-track for a “record 2024.”
The world’s largest live entertainment company, Live Nation, has officially reported its biggest-ever first quarter. According to Variety, in comparison to last year’s Q1, the revenue has increased by 21% to $3.8 billion USD “an operating loss of $37 million; adjusted operating income was up 15% to $367 million; attendance was up 21% to 23 million fans; food and beverage spending at its venues was up 10% in U.S. theaters and clubs; 77 million fee-bearing tickets sold; and sponsorship revenue was up 24%.”
The report comes at a time where the company is currently facing open lawsuits from the government. Just last month, the U.S. Justice Department had announced that it preparing a lawsuit against Live Nation for its antitrust violations. Expected to arrive sometime this month, this could cost the Ticketmaster-owning company. Facing immense scrutiny from the government, they are suing the company for leveraging “its dominance in a way that undermined competition for ticketing live events.” Despite all this, the earnings report shows impressive numbers for concert ticket sales and overall arena and amphitheater shows. Attendance has nearly doubled and has pushed the company to be on track for a “record 2024.”
According to CEO Michael Rapino, “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. 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.”
