Live Nation Revenue Soars As Concert Ticket Sales Recover
Live Nation said it experienced its “best first quarter ever,” driven by strong buying trends at Ticketmaster.
In the three months ended March 31, Ticketmaster recorded its second highest gross transaction volume, excluding refunds, in the company’s history, with an estimated 111,292 tickets sold. The segment added seven million net new tickets in the quarter.
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Live Nation recorded approximately 11 million fans attending shows in the first quarter, down from 15 million in the first quarter of 2019 (the most comparable quarter according to the company), as Live Nation had planned “limited concert activity” in the early months of the year in anticipation of greater demand later this year. “No-show rates” were back to pre-COVID-19 levels.
Notably, executives said inflation does not appear to be impacting consumer demand or pricing on the ticket sales.
Sponsorship sales are up double-digits compared to this point in 2019. The company has already sold 90 percent of its planned sponsorship for the year.
Live Nation recorded first quarter revenue of $1.8 billion, up from $290 million in the year-earlier quarter.
The company anticipates a strong year ahead, built on the ticketing momentum from the first quarter. More than 70 million tickets have now been sold for shows in 2022, up 36 percent from this point in 2019. Additionally, Live Nation has more than 60 tours under discussion for 2023.
COVID-19 is having less of an impact on planned events and the company only canceled about 1 percent of planned concerts in March.
“Concert fans are showing no signs of slowing down – they are paying more for the best tickets, attending the shows, and spending more onsite as they create lifetime memories,” Michael Rapino, president and chief executive of Live Nation, wrote in the earnings release.