Live Nation has reported a 10% rise in Q1 revenue at constant currency to $1.2 billion, thanks to strong performance across its concerts, advertising and ticketing businesses.
Net loss stood at $56.95 million in the quarter, narrowed from $66.53m in Q1 2015.
LN now expects to deliver record top line and bottom line results in 2016.
Concert ticket sales are up 10% through to April 2016, with over 35 million sold. 21 of the top 25 global tours in 2016 were managed by Live Nation, including Beyoncé, Coldplay, Guns N’ Roses, Rihanna and Drake, driving a 13% increase in confirmed stadium, arena and amphitheater shows for the year, as of the end of April.
Sponsorship and advertising contracted net revenue is up 11%, and through April, Live Nation sold over 70% of its expected sponsorship and advertising for the year, positioning the firm for another year of double-digit growth.
Ticketmaster Global revenues are up 18%, growth that was led by its secondary ticketing offering, which was up 43%, with primary ticketing growing by 16%. February was the largest ever for Ticketmaster, selling over 17 million tickets worldwide.
Michael Rapino, President and Chief Executive Officer of Live Entertainment, said: “2016 is on track to be another year of growth and record results for the company.
“All of the leading indicators for our concerts, sponsorship and ticketing businesses are performing ahead of last year and we expect each of the businesses to deliver revenue, AOI and free cash flow growth this year.
“Our results are demonstrating the fundamental strength and growth trajectory of live events and Live Nation’s positioning to deliver long-term profit and cash flow growth.”
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