Live Nation Q1 Revenue Up 22%
May 6, 2014 at 3:42 PM (PT)
LIVE NATION reported Q1 revenue up 22% to $1.1 billion from its concert promotion and management divisions, along with TICKETMASTER's ticketing business. Adjusted Operating Income (AOI) increased 56% to $83 million; free cash flow increased 138% to $34 million and concert attendance rose 11% -- numbers that exceeded WALL STREET expectations.
A LIVE NATION statement noted that each of its businesses -- concerts, management, ticketing and sponsorships -- delivered revenue and AOI growth. Looking ahead, ticket sales for all 2014 LIVE NATION events are up 5% through MAY 2nd.
"Given our momentum coming out of 2013, our strong early success with the first quarter and solid leading indicators for the year, I am confident that in 2014 we will deliver our fourth consecutive year of revenue, AOI and free cash flow growth; grow the profitability of each of our businesses; stay on track to deliver our 2015 financial plans; and operationally continue to invest in and build all of our businesses to drive continued growth," LIVE NATION CEO MICHAEL RAPINO said.