First quarter finances are in and Live Nation has revealed some interesting statistics. The ticketing agency exceeded initial expectations in their revenue. They racked up a total of $1.5 billion in quarter one, a 19 percent increase from last year. While that is all good news, Live Nation still accumulated $41 million in net loses. This may seem like a huge downfall but in actuality, this number is a notable improvement from last year’s quarter one net losses of $48 million.
Live Nation CEO Michael Rapino stated:
“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.” He would also state, “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.”
In addition to their increase in revenue and improvements in net losses, Live Nation promoted 22 percent more shows and 15 percent more fans. Live Nation’s ticketing platform, Ticketmaster, also saw an increase. They climbed 21 percent in ticket sales with a total of 60 million tickets to achieve a global gross transaction value of $5 billion.