Live Nation reports 19% revenue increase to US$1.5B

Live Nation has outperformed its projections for the first quarter of 2018, posting a 19% increase in revenue to US$1.5 billion.

The revenue figure reported in its Q1 report beat the Wall Street consensus by $140 million.

Live Nation booked almost 5,000 arena, stadium and amphitheatre shows, a rise of 22% over 2017.

Its Ticketmaster division had its largest quarter in history, with over 60 million tickets transacted.

“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,” said CEO Michael Rapino.

“We continue to benefit from a global concerts industry that is structurally growing, with strong tailwinds for both supply and demand,”

The touring giant’s Q1 report showed a rise in adjusted operating income from $92 million to $114 million, reducing their operating loss to just $6 million for the year.

The company has put a significant amount of growth down to its amphitheatre shows, which have seen a 37% increase in revenue.

“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,” Rapino added.

“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.”

This week Live Nation also announced that it had acquired a controlling state in Brazil’s Rock In Rio festival.