Joe GallopThe world’s largest concert promoter, Live Nation Entertainment (LNE), said the global demand for live events is “unprecedented” after posting its financial results for the quarter ending 31 March 2023.
With live entertainment markets fully open for the first time in three years, LNE delivered record results in all divisions for the first quarter of 2023.
The promoter said it delivered revenue of $3.1bn (£2.4bn), operating income of $143m (£113m), and AOI of $320m (£253m), up 73%, 5.3x, and 53% respectively, relative to the first quarter of last year.
In the first quarter, more than 19 million fans – an increase of 79% – attended LNE shows across 45 countries and it sold over 145 million tickets with record levels of activity across all markets.
The results also say its operating cash flow has reached $1.2bn (£953m) and its adjusted free cash flow is up over 2x to $190m (£150m), converting 59% of AOI.
For concerts, LNE has sold nearly 90 million tickets for shows so far this year, tracking more than 20% ahead of this point last year.
Despite controversy surrounding its ticketing division Ticketmaster, LNE expects it to deliver record activity, with around 600 million tickets managed globally this year. It also said its sponsorship business looks to be on track for double-digit AOI growth again this year.
The promoter said ticketing fee-bearing gross transaction value is up 60% to $7.7bn (£6.1bn), while its sponsorship AOI is up 37% to $96m (£76m).
LNE president and CEO Michael Rapino (pictured) said, “We expect to host a record number of fans this year, even against a 2022 comparison which benefited from rescheduled shows attended by 20 million fans.
“As we then look to 2024 and beyond, we have all the necessary levers to build our flywheel globally and continue to compound AOI by double-digits for the foreseeable future.”