Live Nation Q1 Results Show $1.2 Billion In Revenues, Though Losses Are Up
May 3, 2016 at 1:42 PM (PT)
LIVE NATION's Q1 financial results report revenues of $1.2 billion, beating WALL STREET predictions with concerts driving strong ticket sales and continued sponsorship growth.
Revenue is up 10% for the quarter at constant currency, with Adjusted Operating Income at $74.3 million, up 7% for the quarter, though Operating Losses were at $34 million at constant currency, up from $24 million in Q1 2015..
Concert ticket sales for shows are up 10% through APRIL, with 35 million tickets sold to date.
Sponsorship and advertising sold over 70% of avails for the year with contracted online advertising up 14% through APRIL.
TICKETMASTER GLOBAL GTV at constant currency is up 18%.
LIVE NATION President/CEO MICHAEL RAPINO was upbeat about the results, commenting: "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."