Live Nation’s revenue beats estimates as boom in concerts drive ticket sales
6:46 pm Thursday, May 02nd, 2024
(Reuters) – Ticketmaster parent Live Nation Entertainment beat estimates for first-quarter revenue on Thursday, driven by the popularity of live events such as concerts, sending its shares up more than 3% in aftermarket trading.
High ticket prices amid rising demand for live events, at a time when more performers are gearing up for concerts, have benefited companies such as Live Nation.
Revenue rose 21% to $3.80 billion for the first quarter ended March 31, beating estimates of $3.26 billion, according to LSEG data.
The total estimated events rose about 13% from a year earlier to 11,203, while total estimated fans stood at 22.9 million, compared with 18.9 million a year earlier.
Ticket sales reached an estimated total of about 155 million in the first quarter, compared with 145.5 million a year earlier.
The company’s concert business comprising merchandise sales and the production of live music events generated $2.88 billion, making up the bulk of its overall revenue, followed by $723.2 million from ticketing.
The Beverly Hills, California-based company’s loss per share in the reported quarter was 53 cents, compared with estimates for a loss of 18 cents per share.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Mohammed Safi Shamsi)
