Live Nation Q1 Revenue Up 4%, Losses Cut
April 30, 2015 at 1:56 PM (PT)
LIVE NATION's Q1 financial report shows revenue is up 4% to $1.18 billion in constant currency, with revenue inclusive of foreign exchange impact at $1.12 billion. The company's adjusted operating income loss is at $73.9 million in constant currency, an 11% improvement over last year's Q1, which represented a deficit of $82.6 million.
Otherwise, the news was good for MICHAEL RAPINO and company, with concert ticket sales up 4% through APRIL 24th, and event-related deferred revenue up 4% to $919m at end of Q1. LIVE NATION expects to promote 20 of the top 25 global concert tours in 2015 (including U2, MAROON 5, LUKE BRYAN and ARIANA GRANDE), and, with its recent acquisition of an interest in BONNAROO, four of the top-five U.S. festivals.
TICKETMASTER gross transactional value was up 8% through Q1, with resales up 75%. Mobile ticket sales rose 35% and app installations 43% to 17 million through MARCH.
Contracted sponsorship and advertising net revenue was up 17%, with LIVE NATION sporting the third-largest music ad network in the U.S. with more than 60 million unique visitors per month. Over 70% of planned revenue is already sold for the year.
"2015 is shaping up to be another year of growth and record results for the company, and we remain confident we will deliver the final year of our three-year plan," LIVE NATION ENTERTAINMENT Pres./CEO MICHAEL RAPINO said. "With strong leading indicators in concerts, sponsorship and advertising, and ticketing, operationally we expect revenue and AOI growth in each of our businesses and overall for LIVE NATION this year. And more fundamentally, we continue to see a wide set of both organic and acquisition opportunities to continue growing each of our businesses beyond 2015, directly building on the success we have achieved to date."