Live Nation Entertainment Reports First Quarter 2024 Results
“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.”
–Michael Rapino, President and CEO, Live Nation Entertainment
Quarterly Highlights (vs prior year): Record Q1 As Demand for Live Events Remains Strong
(reported FX)
- Revenue up 21% to $3.8 billion
- Operating loss of $37 million
- Adjusted operating income up 15% to $367 million
- Fan growth up 21% to 23 million fans
- Food and beverage spending up 10% at U.S. theaters and clubs
- 77 million fee-bearing tickets sold
- Sponsorship revenue up 24%, highest Q1 ever
View how these results compare to past quarters in the 1Q24 Trended Results Grid:
https://investors.livenationentertainment.com/financial-information/financial-results
2024 Leading Indicators Point to Another Record Year
(based on leading indicators through mid-April vs same period last year)
- Continued strong fan demand:
- Live Nation concert ticket sales for overall arena and amphitheater shows pacing up double-digits
- Confirmed shows for large venues (stadiums, arenas, and amphitheaters) up double-digits with growth led by arenas and amphitheaters
- Over 85% of full-year shows at large venues booked, compared to approximately 75% last year
- More demand for global content:
- Fan count for Q1 shows nearly doubled for International artists across top 50 global tours compared to five years ago
- Year-to-date ticket sales per show for Latin shows in the U.S. up double-digits year-on-year
- Year-to-date confirmed U.S. show count for Afrobeats up 400% and Latin up approximately 40% year-on-year, with similar trends in Europe
- Venue Nation expands global portfolio:
- Plans to open at least 12 major venues globally in 2024/25, creating capacity for over eight million expected additional fans
- Additionally, major refurbishment of two venues in the U.S. and Mexico to be completed in 2024
- Expected returns to average over 20%, with a proven track record on recent openings
- Ticketing continues to expand globally:
- Approximately seven million net new enterprise tickets signed year-to-date, with 70% from International markets
- 112 million fee-bearing tickets sold year-to-date, up 4%
- Sponsorship continues to leverage our global scale and unique platform:
- Over 85% of expected sponsorship commitments for the year booked, up double-digits
- Non-alcoholic beverages, consumer packaged goods, and retail categories each up double-digits