Live Nation
Live Nation’s FY24 Q1 financial results were reported Thursday evening, with quarterly revenue up 21% year-over-year to $3.8B. while Live Nation’s sponsorship revenue grew 24%, that division’s highest first quarter ever.
Ticketmaster sold 77 million fee-bearing tickets during the period, and its quarterly revenue rose 7% year-over-year to $723M. Concert ticket sales for overall arena and amphitheater shows were pacing up double-digits. Confirmed shows for large venues (stadiums, arenas, and amphitheaters) grew double digits, led by arenas and amphitheaters.
Live Nation booked a $37M operating loss during the quarter, in part because it recorded a $186M loss related specifically to fallout from the 2021 Astroworld music festival in Houston at which 10 fans died. The company was sued in civil court at least 450 times since but has begun to settle many of those lawsuits. The $186M figure is an estimate of probable losses beyond what the company will receive in insurance recoveries.
The company ended Q1 with $6.5B in cash and cash equivalents. Approximately 93% of debt is at a fixed rate, with an average cost of debt of 4.6%.
