Music followers continued to splash out on stay concert events within the first three months of the yr.
That’s the important thing takeaway from the most recent monetary outcomes printed by live performance big Reside Nation on Thursday (Could 2).
Reside Nation generated revenues of $3.8 billion in Q1 (the three months to the top of March), up 21% YoY.
These revenues have been generated throughout all divisions, together with concert events, ticketing and promoting & sponsorship.
The corporate’s President and CEO, Michael Rapino, instructed buyers on Thursday that Reside Nation’s “Q1 outcomes display that stay occasions stay a precedence for followers around the globe”.
“International fan demand is stronger than ever, extra artists are out on the street, and extra venues are being added to deliver them collectively.”
Michael Rapino, Reside Nation
He added: “International fan demand is stronger than ever, extra artists are out on the street, and extra venues are being added to deliver them collectively.
“Whereas working earnings will likely be impacted by one-time accruals, we’re on monitor to ship one other report yr with double-digit AOI progress and years of momentum nonetheless to return.”
Taking a deeper dive into Reside Nation’s steadiness sheet reveals that the corporate’s ‘Live shows’ enterprise generated $2.9 billion in Q1, up 26% YoY (see under).
Reside Nation’s Sponsorship & Promoting phase generated $211.3 million in Q1, up 24% YoY.
Reside Nation noticed fan attendance at its reveals in the course of the first quarter develop 21% YoY to 23 million.
This attendance progress was led by Reside Nation’s Area concert events, the place attendance was up 40% YoY to almost 10 million followers globally.
In North America, Reside Nation’s estimated variety of followers in attendance at its reveals reached 10.9 million in Q1.
Reside Nation mentioned that it additionally noticed its pageant attendance develop by double-digits, pushed by Latin American markets.
Yr-to-date, Reside Nation stories to have offered 86 million tickets for its concert events this yr, which it famous on Thursday is “according to 2023 regardless of lowered stadium exercise”.
In the meantime, the corporate’s ticketing enterprise, Ticketmaster, generated revenues of $723 million in Q1, up 7% YoY.
Ticketmaster was reported by Reside Nation to have offered roughly 77 million fee-bearing tickets in Q1, pushed by double-digit progress in Worldwide markets.
Reside Nation mentioned that Ticketmaster’s fee-bearing Gross Transaction Worth reached almost $8 billion in Q1, with progress pushed by Worldwide markets.
Reside Nation’s ticketing firm additionally offered roughly 78 million non-fee-bearing tickets in Q1, bringing the division’s complete variety of tickets offered within the quarter to 155 million.
Reside Nation posted an adjusted working earnings of $367 million in Q1, which was up 15% YoY; and an operating lack of $37 million (see under).
Music Enterprise Worldwide
