Live Nation Releases Record Revenue and Attendance in Q1 2023 Earnings

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on the contrary angry words from Taylor Swiftmother Issues with Ticketmaster division, a Senate hearing, and incoming legislationLive Nation reported another record-breaking quarter in the first quarter of 2023 with record revenues of $3.1 billion, up 73% from the same period last year, and 19.5 million fans attending its events as the global touring business returns to full strength. .

The company’s concerts division has already sold nearly 90 million tickets for shows this year, up more than 20% from last year and reporting adjusted operating income of $320 million, up 53%.

“Demand was so strong on many of the big tours, from Beyoncé to Drake to Bruce Springsteen, that even if the artists added a number of additional shows, they weren’t able to meet all the fan demand,” Rapino said.

“We think we have years of industry growth ahead,” the CEO said. michael rapino He said, detailing in the official announcement, “This performance is indicative of our continued long-term growth and sets the stage for a record in 2023, as we are more positive than ever before with artists going on tour, fans attending concerts to see their favorite artists, and our role is helping make that happen. is happening.”

Highlights of the earnings are pasted below, but unsurprisingly, legislation affecting the company’s embarrassment ticket master The episode, which faced a storm of criticism after a failed sale for the Taylor Swift tour last fall, was a hot topic in the Q&A session of the earnings call. In fact, when asked about how the legislation would affect the company’s business, Rapino was able to answer in the affirmative and said it was in line with the company’s offer. FAIR Ticket Law.

“We’re watching what’s going on,” he replied, “and despite all the noise, we believe most people are getting to where we are, according to the principles of the FAIR Act – all-inclusive pricing, cleaning up deceptive practices – these are on these bills and our own bill, FAIR. It looks like we have common themes in his act. It’s all in the same vein of helping the artist check out their tickets and put them in the hands of fans.” speculative ticket sales, bots, etc. extreme secondary market. “Right now it’s the wild west and we’re doing our best, but it’s not like that. [Live Nation] against any of them. We are all on the same level.”

Ticketmaster led the company’s sales of more than 73 million paid tickets, increasing 40% and increasing paid gross transaction volume by 60% to $7.7 billion.

Financial Highlights (compared to Q1 2022):

• AOI increased 53% to $320 million

• Operating Income increased 5.3 times to $143 million

• Revenue was $3.1 billion, up 73%

• Adjusted Free Cash Flow more than doubled to $190M and Transformed 59% of AOI

• Operating Cash Flow reached $1.2 billion

Q1 Highlights: All divisions recorded record growth (vs. 2022 Q1):

• Concerts See Unprecedented Global Fan Demand

◦ More than 19 million fans attended shows in 45 countries, up 79%

◦ Adding higher experience options and destination events with the launch of Vibee

◦ Entry prices remain affordable with $25 all-in-one tickets for over 3,800 Live Nation summer shows

• Worldwide Ticket Sales Increased

◦ More than 145 million total tickets sold by Ticketmaster, up 30% in Q1

◦ $7.7 billion in paid GTV, up 60%

• Sponsorship Growth Double Digits in 2023

◦ Sponsorship AOI reaches $96 million, up 37%

◦ More than 80% of planned 2023 sponsorship revenue committed

Outlook 2023: All episodes break records:

• Concert ticket sales have increased by more than 20% to date to nearly 90 million tickets for shows this year, thanks to the strength in record numbers of stadium performances and arena tours

• Event-related deferred revenue reached $4.4 billion, up 28% in the first quarter

• Ticketing will manage 600 million tickets worldwide this year

• On the way to sponsorship for double-digit AOI growth

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