Christopher BarrettLive Nation Entertainment (LNE) has reported a 22% uplift in revenue in Q1 to reach a record $3.8 billion (£3.03bn), up from $3.1bn (£2.47bn) in the equivalent period in 2023, but the overall result was a net income loss of $32.2 million (£25.64m) during the quarter largely due to contingency planning for ongoing Astroworld lawsuits.
LNE said it had marked down $185.9m (£148m) in estimated loss contingencies in Q1for the Astroworld lawsuits. The net income short fall compares to LNE’s $142m (£113m) in operating income in the first quarter of 2023.
The company reported net long term debt of $5.08bn (£4.04bn) for Q1 2024, compared to $5.45bn (£4.34bn) at the end of the same period last year.
Q1 concert revenue was up 26% year-on-year to $2.9bn (£2.3bn), while revenue from LNE’s ticketing operations rose 5% to $284.1m ($226m) during the first quarter of 2024. LNE also enjoyed an uplift in sponsorships during the quarter, adding $211m (£168m), up by 24% on the same period last year.
The world’s largest concert promoter said confirmed shows in larger venues, including stadiums and arenas, were up by double-digits in Q1 and others trends it has seen include the number of confirmed Afrobeats shows being up 400% and Latin shows up 40% year-on-year in the US, with the promoter seeing similar trends in Europe.
LNE president & CEO Michael Rapino (pictured) said that globally demand is stronger than ever: “While operating income will be impacted by one-time accruals, we’re on track to deliver another record year with double-digit AOI growth and years of momentum still to come.”