LOS ANGELES (CelebrityAccess) — Live Nation Entertainment announced its financial results for the first quarter of 2024, with revenue up by 21% year-over-year but swinging to an operating loss.
According to Live Nation, the company generated revenue of $3.8 billion up by 21% from the same period in 2023. Revenue was driven by continued strong demand for tickets, with ticket sales for arena and amphitheater shows up by double digits during the period.
Additionally, confirmed shows for large venues, including stadiums, arenas, and amphitheaters were up by double-digits for Q1 2024 with growth led by arenas and amphitheaters.
Revenue from concerts for the quarter came in at $2.9 billion, up by 26% year-over-year while revenue from ticketing operations increased by 5% to $284.1 million during the first quarter of 2024. Sponsorships also helped to drive revenue for Live Nation in Q1, adding $211 million during the period, up by 24% from 2023.
At the same time, Live Nation swung to an operating shortfall for the first quarter with a loss of $37 million for the period and a net income loss of $32.2 million during the quarter, down from the 44 million in net income the company realized during the same period in 2023.
Live Nation attributed much of the shortfall to estimated loss contingencies for the Astroworld lawsuits that are currently underway in Texas, which the company marked down at $185.9 million.
“Our Q1 results demonstrate that live events remain a priority for fans around the world. Global fan demand is stronger than ever, more artists are out on the road, and more venues are being added to bring them together. While operating income will be impacted by one-time accruals, we’re on track to deliver another record year with double-digit AOI growth and years of momentum still to come,” stated Live Nation President and CEO Michael Rapino.
