Live Nation revenue up but losses rise in Q1 2016

Live Nation revenue up but losses rise in Q1 2016

Live Nation's first quarter revenue was up 10% to $1.2 billion and AOI up 7% on a constant currency basis, though operating losses increased to $34 million, up from $24m in the same period last year.

The world's biggest promoter reported strong operating performance across the three divisions -  concerts, advertising and ticketing.

"More importantly, at four months into the year we have enough information from leading indicators to be confident that we are on track to deliver record top line and bottom line results in 2016 as we continue building global market share in all our businesses," said president and CEO Michael Rapino.

Ticket sales for shows this year are 10% ahead of last year, with more than 35 million tickets sold. Live Nation is promoting 21 of 2016's top 25 global tours including Beyoncé, Coldplay, Guns N' Roses, Rihanna and Drake.

Its Ticketmaster business increased gross transaction value (GTV) by 18% at constant currency, led by its growth in the secondary ticketing sector, which was up 43%. The company operates the Get Me In and Seatwave resale marketplaces. Primary ticketing GTV grew by 16% for the quarter, in which the firm recorded five of the top 20 ticket volume days in its history.

"2016 is on track to be another year of growth and record results for the company," added Rapino. "All of the leading indicators for our concerts, sponsorship and ticketing businesses are performing ahead of last year and we expect each of the businesses to deliver revenue, AOI and free cash flow growth this year.

"Our results are demonstrating the fundamental strength and growth trajectory of live events and Live Nation's positioning to deliver long-term profit and cash flow growth."

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