Live Nation Entertainment released its Q1 2017 financial results on Thursday for the three months ending March 31, with revenues up 17% to $1.4 billion, adjusted operating income up 25% to $92 million, and losses from operating income at $21 million, which is up 25% from the $33.3 million it lost in Q1 2016.
The company touted “strong operating performance across all concerts, advertising, and ticketing segments.”
“2017 is on track to be another year of growth and record results for the company,” Live Nation President/CEO Michael Rapino said. “All of the leading indicators for our concerts, sponsorship and advertising, and ticketing segments are ahead of last year and we expect each of our businesses to deliver record revenue, operating income, and AOI this year.”
As of the end of last month, Live Nation have booked more than 4,000 arena, stadium, and amphitheater shows for the rest of 2017, up 10% over this point last year, with ticket sales up more than 25% to $46 million.
Worldwide, the company now promotes shows in 40 different countries.
Online, Live Nation “continues to see the tremendous attraction of our 70 million-plus onsite fans for advertisers, driving continued double-digit growth.” As of the end of April 2017, the company has commitments for more than 80% of its planned advertising for the year, pacing double digits ahead of this point last year.
Ticketmaster delivered its largest quarter in history for gross transaction value and ticket volume on a transacted basis. Growth in the quarter came from both fee-bearing primary and secondary businesses, which grew GTV by 18% and 20%, respectively.
On the commerce side, Live Nation increased online visits by 10% year-on-year, and grew its installed app base by 41% to 33 million-plus.