×

Live Nation Posts Solid First Quarter Results

Live Nation posted a strong first quarter of 2018, according to its earnings report, with revenue up 19% to nearly $1.5 billion over nearly 4,900 shows, a 22% rise over 2017. Meanwhile, its Ticketmaster division had the largest quarter in its history, transacting nearly 60 million tickets.

“We have now booked enough concerts, sold enough tickets and have enough sponsorship commitments to be confident that we will have a successful 2018, delivering double-digit operating income and AOI growth for the year. We continue to benefit from a global concerts industry that is structurally growing, with strong tailwinds for both supply and demand,” said CEO Michael Rapino in announcing the results.

Highlights for the quarter, according to the announcement, included:

*Adjusted operating income up 24% for the quarter to $114 million;
*The company promoted 22% more shows for 15% more fans globally in the quarter;
*48 million tickets sold to date, representing a 5% increase from 2017;
*Through pricing optimization, the average ticket price up double digits across amphitheaters, area and stadium tickets to date in 2018;
*Average spend per fan at amphitheaters expected to grow by at least $2.50 this summer, which Rapino attributes to “enhancing our VIP offerings, adding points of sale and improving product selection”;
*Acquired the Rock in Rio festival, expanding reach in South America;
*80% planned advertising and sponsorship revenue for the year committed

Rapino concluded: “2018 is on track to deliver double-digit operating income and AOI growth along with expected strong gains in revenue, operating cash flow, and free cash flow. Our key leading indicators for our concerts, sponsorship & advertising and ticketing segments are ahead of last year, and we currently expect each of our businesses to deliver record revenue, operating income, and AOI this year.”

More Music

  • Terry Wakefield Exits Sony/ATV to Head

    Terry Wakefield Exits Sony/ATV to Head Up A&R at UMPG Nashville

    After a decades-long tenure at Sony/ATV Nashville, Terry Wakefield has followed another alumnus, Troy Tomlinson, across town to take a top position at Universal Music Publishing Group Nashville. Wakefield is senior VP of A&R at UMPG after having been senior VP of creative in his previous post. Personal loyalty to Tomlinson, UMPG Nashville’s recently named chairman/CEO, [...]

  • Sally Williams at PBS Country Music

    Sally Williams to Leave Longtime Opry Home for Top Post at Live Nation in Nashville

    Nashville executive Sally Williams is leaving Opry Entertainment, where she rose to the top over a two-decade tenure there, to join Live Nation’s regional office as the president of Nashville music and business strategy, the company announced Monday. Live Nation said Williams will not only lead programming and marketing for their concerts in the area, [...]

  • 'Welcome to New York The Empire

    Woodstock 50's Permit Denial Heap Keeps Growing

    In what’s become a broken record for music journalists everywhere, Woodstock 50 was once again denied a permit to hold its event, slated for Aug. 16 to 18, as a daytime festival at Vernon Downs in upstate New York. Previous attempts to convince the town of Vernon, on June 18 and July 3, were rejected [...]

  • London's CODA Agency Formally Becomes a

    Paradigm Agency Formally Absorbs London's CODA Into the Fold

    After five years of working together, London’s CODA Agency has formally become a part of Paradigm and will continue under its U.S. partner’s banner. The London office of what is now a fully integrated Paradigm will continue to be led by Alex Hardee, Tom Schroeder, James Whitting and Dave Hallybone. In a statement otherwise laden [...]

  • Mariah Carey

    Mariah Carey Signs With CAA

    Mariah Carey has returned to CAA for representation worldwide after moving to UTA in 2015. Throughout her 30-year career, the five-time Grammy winner has released some of the best-selling albums of all time, including “Music Box,” which racked up more than 28 million in sales, and “Daydream,” which sold 20 million copies. Her other albums, [...]

  • Art Neville of The Meters performs

    Art Neville of the Meters and the Neville Brothers Dies at 81

    Art Neville, one of the key figures of New Orleans music as a member of the Meters and later the Neville Brothers, died Monday. He was 81. Neville’s manager, Kent Sorrell, confirmed the death. “It was peaceful,” Sorrell told Nola.com. “He passed away at home with his adoring wife Lorraine by his side. He toured [...]

  • Roddy Rich

    Roddy Ricch Signs Wide-Ranging Deal With Kobalt

    Kobalt has signed Roddy Ricch to a wide-ranging exclusive worldwide deal in which the company will have full administration of the rapper, singer, songwriter and producer’s catalog, as well as publishing, creative services and synch for his future works. Ricch is a relative newcomer, first emerging onto the music scene in 2017 with the release [...]

More From Our Brands

Access exclusive content