Revenue Up In Q1
Revenue jumped 73% year-over-year to $3.1 billion for LIVE NATION ENTERTAINMENT, with Adjusted Operating Income rising 53% to $320 million. Concert revenue rose 89% to $2.3 billion, with ticketing revenue rising 41% to $678 million and sponsorship and advertising revenue up 47% to $170.1 million.Pres./CEO MICHAEL RAPINO, in the company’s earnings release, wrote, “2023 is off to a tremendous start. For the first time in three years, all of our markets are fully open. The common theme we are seeing around the world is that live experiences are a high priority for fans.” He celebrated “record results across all divisions, as well as record support for artists,” adding that in first quarter, over 19 million fans attended LIVE NATION shows across 45 countries and the company sold over 145 million tickets.RAPINO added, “What is clear as we look at our results and operating metrics is that global demand for live events continues to reach new heights – demand has been growing for a long time and is showing no signs of letting up. Talking to fans, they say that live experiences are the number one leisure category where they expect to spend more in the future. Naturally, this is leading to record levels of activity in both our concerts and ticketing businesses.” He said that LIVE NATION has sold almost 90 million tickets for shows in 2023, 20% ahead of the same stage last year, driven by a record number of stadium shows and growth for arena tours.
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