In the first quarter of 2019, Live Nation’s revenue crossed $1.7 billion. The figure is up by 17% from the same period in 2018.
The company’s concert division reported that 15 million fans attend Live Nation concerts in the first quarter, up 22% year-on-year. Live Nation attributed the growth primarily to arena and theater shows which were each up over a million fans.
During the same period, they reported a record adjusted operating income (AOI) of $115 million. The company is on track to deliver double-digit AOI growth for upcoming quarters, and the full year, the company said.
“We are pleased with our first quarter results as a start to what we expect to be another year of growth in 2019. All of our key indicators speak to continued strong consumer demand for our concerts — our attendance growth in the first quarter, acceptance of market pricing, and solid sales for upcoming shows,” said Live Nation President & CEO Michael Rapino.
Live Nation also continued the shift to “market-based pricing” including growing the use of platinum tickets. The company cited its front of house tickets at amphitheaters, which saw prices rising by 30% over the past two years.
“As a result, we expect an acceleration of our growth in the second quarter, with overall operating income and AOI increasing in the high teens and each segment to deliver double-digit operating income and AOI growth for the quarter,” Rapino added.
Live Nation’s sponsorship division reported that revenue and AOI improved slightly year-over-year, up by 1% and 2% respectively for the quarter. The company boasted of new long-term sponsorship partnerships with Verizon, in the U.S., Rogers Communications in Canada, and Diageo in Europe.
Live Nation’s ticketing division, Ticketmaster
Ticketmaster reported their fourth-highest fee-bearing gross transaction value (GTV) quarter in the company’s history, though revenue for the quarter slipped by 9% to $337.6 million for the quarter. AOI slid as well, falling to $100.4 million, a loss of 17% from Q1 2018.
To accomplish this, Live Nation remains on track to have its presence installed at over 500 venues, with more than 135 million fans entering through Ticketmaster so far this year.
Earlier, Live Nation has reported that 2018 was its eighth consecutive year of record results, with ticketing activity rising by 14% and attendances rising by 8% from 2017.