Live Nation Entertainment Reports First Quarter 2024 Results – Revenue Up 21% to $3.8 Billion.

“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.”

–Michael Rapino, President and CEO, Live Nation Entertainment


Quarterly Highlights (vs prior year): Record Q1 As Demand for Live Events Remains Strong
(reported FX)

  • Revenue up 21% to $3.8 billion
  • Operating loss of $37 million
  • Adjusted operating income up 15% to $367 million
  • Fan growth up 21% to 23 million fans
  • Food and beverage spending up 10% at U.S. theaters and clubs
  • 77 million fee-bearing tickets sold
  • Sponsorship revenue up 24%, highest Q1 ever



2024 Leading Indicators Point to Another Record Year
(based on leading indicators through mid-April vs same period last year)

  • Continued strong fan demand:
    • Live Nation concert ticket sales for overall arena and amphitheater shows pacing up double-digits
    • Confirmed shows for large venues (stadiums, arenas, and amphitheaters) up double-digits with growth led by arenas and amphitheaters
    • Over 85% of full-year shows at large venues booked, compared to approximately 75% last year
  • More demand for global content:
    • Fan count for Q1 shows nearly doubled for International artists across top 50 global tours compared to five years ago
    • Year-to-date ticket sales per show for Latin shows in the U.S. up double-digits year-on-year
    • Year-to-date confirmed U.S. show count for Afrobeats up 400% and Latin up approximately 40% year-on-year, with similar trends in Europe
  • Venue Nation expands global portfolio:
    • Plans to open at least 12 major venues globally in 2024/25, creating capacity for over eight million expected additional fans
    • Additionally, major refurbishment of two venues in the U.S. and Mexico to be completed in 2024
    • Expected returns to average over 20%, with a proven track record on recent openings
  • Ticketing continues to expand globally:
    • Approximately seven million net new enterprise tickets signed year-to-date, with 70% from International markets
    • 112 million fee-bearing tickets sold year-to-date, up 4%
  • Sponsorship continues to leverage our global scale and unique platform:
    • Over 85% of expected sponsorship commitments for the year booked, up double-digits
    • Non-alcoholic beverages, consumer packaged goods, and retail categories each up double-digits

Concerts Deliver Record Q1 with Momentum Accelerating Into the Summer Season (vs same period last year)

  • Revenue up 26% to $2.9 billion
  • AOI of $3 million, and $12 million on a constant currency basis
  • Q1 margins expanded, even with increased arena activity
  • Full-year margins expected to be higher than last year, with the magnitude of margin expansion impacted by venue mix and advertising costs in Q4 related to 2025 activity
  • AOI growth expected to be primarily driven by Q2 and Q3 activity

Arenas and Festivals Led Q1 Fan Growth (vs same period last year)

  • Q1 fan growth up 21% to 23 million fans:
    • Arenas led attendance growth, up 40% to nearly 10 million fans globally
    • Festival attendance growth of double-digits, driven by Latin American markets
  • Artists touring again this year are achieving increased sell throughs and higher grosses per show at arenas and amphitheaters relative to their 2023 tours
  • Overall arena sell through and grosses remain strong, even with a large increase in show count
  • Year-to-date ticket sales of 86 million for shows this year, consistent with 2023 despite reduced stadium activity

Venue Nation Enhancing the Fan Experience Globally (vs same period last year)

  • Q1 food and beverage spending up over 10% at U.S. theaters and clubs
  • Venue Nation fan count expected to grow double-digits with more shows at amphitheaters and other operated venues
  • Profitability per fan at amphitheaters expected to increase double-digits this year, with these venues delivering over 2.5x the per fan profitability of similarly sized third-party venues

Experiential Economy Drives Q1 Ticketing Results (vs same period last year)

  • Revenue up 7% to $723 million
  • AOI up 5% to $284 million
  • Record Q1 operating metrics:
    • Approximately 77 million fee-bearing tickets sold, driven by double-digit growth in International markets
    • Fee-bearing Gross Transaction Value up to nearly $8 billion, with growth driven by International markets
  • Full-year margins expected to be consistent with last year

Sponsorship Q1 Growth Reflects Attractiveness of our Global Platforms (vs same period last year)

  • Revenue up 24% to $211 million
  • AOI up 36% to $130 million
  • Strong growth in Q1 driven by our increasingly global platform, enabling more year-round activity, with a similar trend expected in Q4
  • Full-year margins expected to be consistent with last year

Continued Global Expansion with Existing and New Partners

  • New partners added this year include Jaguar Land Rover’s Defender and U.K. festival headline partners Rockstar Energy and Liquid Death
  • Expanded relationships with GNP in Mexico and Cisco and Bacardi in the U.S.

Additional Financial Information

  • 2024 capital expenditures estimated to be $600 million
    • Three-quarters of total capex driven by Venue Nation: five venues account for approximately 40% of total venue spend
    • Most of the capex increase relative to our prior projection due to additional venue expansion opportunities, including a stadium in South America to be modeled after Foro Sol
  • Based on current projections, the impact of foreign exchange rates on revenue, operating income, and AOI for the full-year is expected to be immaterial, with a larger impact to net income
  • Supplemental Information:
    • Net income reduced by $97 million comprised of accrual related to Astroworld litigation, net of Q1 mark to market gains in investments
    • Accretion expected to grow in line with AOI for the full year
    • Depreciation and amortization expense expected to be $75 million higher than 2023
    • Non-controlling interest and tax expenses for the full year expected to grow in line with AOI
  • 2024 share count not expected to change materially from 2023

Balance Sheet and Liquidity Gives Us Financial Flexibility

  • Full-year AOI to FCF conversion expected to be in line with 2023 levels, excluding potential payout associated with legal accrual
  • Event-related deferred revenue of $4.4 billion consistent with Q1 2023 level
  • Q1 ended with $6.5 billion in cash and cash equivalents, including $1.4 billion in ticketing client cash and $1.4 billion in free cash
  • Approximately 93% of debt is at a fixed rate, with an average cost of debt of 4.6%