Live Nation posted an operating loss of $24 million (£18.5m) in the first quarter of 2019, but revenue was up 17% to $1.7 billion (£1.3bn) and AOI was $115m (£88m) – a personal best for Q1.
The company attracted 15 million concert-goers over the three-month period – up 22% year-on-year – and is forecasting double-digit operating income and AOI growth for the year.
We expect that Live Nation will deliver double-digit operating income and AOI growth for the full year
Michael Rapino
Live Nation
Michael Rapino, Live Nation president and CEO, 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.
"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.
"With the combination of this near-term view plus concert ticket sales for the year, sponsorship commitments, and the continued success of the Ticketmaster platform, we expect that Live Nation will deliver double-digit operating income and AOI growth for the full year."
For sponsorship, revenue was up 1%, operating income up 3%, and AOI up 2%, while its Ticketmaster division recorded its fourth highest transacted fee-bearing GTV quarter ever, trailing only first quarter 2018 and fourth quarter in both 2017 and 2018.
Elsewhere, earlier this week, shares in San Francisco-headquartered ticketing platform Eventbrite plunged by around a third after posting higher than expected Q1 loss of $10.1m (£7.8m).
