Live Nation Entertainment, Inc (NYSE:LYV) announced that its first-quarter 2023 revenue surged 73% to $3.1 billion, surpassing the analyst consensus estimate of $2.28 billion, as the parent company of Ticketmaster said global demand for live events is “unprecedented”.
Live Nation also recorded an improvement in its quarterly loss to $0.25 per share, better than the $0.41 per share deficit expected by Wall Street.
“We delivered revenue of $3.1 billion, operating income of $143 million, and AOI (adjusted operating income) of $320 million, up 73%, 5.3x, and 53% respectively, relative to the first quarter of last year,” the company stated.
“This performance is indicative of our continued long-term growth and sets the stage for a record 2023, as we are more positive than ever about artists touring, fans attending concerts to see their favorite artists, and our role helping make this happen.”
As well, Live Nation noted that its concerts division has sold almost 90 million tickets for shows this year, more than 20% ahead of last year, as demand for live events has stormed back following months of pandemic-related lockdowns.
The company added that leading indicators point to a record 2023 for Live Nation.
Shares of Live Nation Entertainment climbed nearly 7% in pre-market trading on Friday.
Contact Sean at sean@proactiveinvestors.com