Live Nation Entertainment (LYV) Tops Q1 EPS by 11c

Live Nation Entertainment (NYSE: LYV) reported Q1 EPS of ($1.44), $0.11 better than the analyst estimate of ($1.55). Revenue for the quarter came in at $290.6 million versus the consensus estimate of $291.79 million.

Strong Progress on ReopeningWhen we reported our 2020 results in February, I was optimistic that we would soon be returning to live events, and since then, our confidence has increased for our key markets. In the U.S., over 40% of the population has received at least one vaccine dose and most states are now fully or partially reopen with more restrictions being lifted daily. In the U.K., over 50% of the population has received at least one vaccine dose and their reopening roadmap is tracking to plan. Although Europe remains a few months behind on vaccinations, they are progressing and recent discussions about reopening to international visitors this summer are encouraging.

Around the world, people are showing the need to get out and socialize once again which reinforces our expectation that a return to concerts will be the logical progression as vaccines are readily available to everyone who wants to get one. This is generally already the case in the U.S. where we are confidently planning our reopenings, particularly for outdoor shows, and we expect many of our other major markets will follow this summer.

Robust Fan DemandAlongside these trends, we are also seeing the effects of significant pent-up demand as fans are buying tickets and events are selling out faster than ever before. In the U.S., Bonnaroo, Electric Daisy and Rolling Loud festivals all sold out in record time at full capacity. In the U.K., we have 11 festivals planned for this summer, including our largest ones - Reading, Leeds and Parklife - where tickets have already sold out, and in New Zealand, the country's largest festival, Rhythm and Vines, also quickly sold out.

As we get further clarity on reopening timelines, we are announcing more tours for later this summer, including Dave Matthews, Luke Bryan, Maroon 5 and others to come, showing artists' increasing confidence in performing this summer. Given the longer lead times associated with global arena and stadium tours, we expect these will start later this year and into 2022. We are already seeing confirmed major tour dates for 2022 up double digits from the same time pre-pandemic in 2019 for 2020. Many of these artists will have multi-year tours, spanning the U.S., Europe and often either Asia or Latin America, setting us up for a strong multi-year growth run.

Ticketing and Brand Partners GrowingComplementing our event pipeline, Ticketmaster continues to build its global client base to further accelerate its growth. This year, we have already added new clients representing over 5 million net new fee-bearing tickets, which we expect to grow further throughout the year as more venues prepare for 2022. With Ticketmaster's client base increasingly shifting to digital ticketing, we will continue to enhance our offerings, ranging from upsell and improved advertising opportunities, as well as blockchain and NFT ability on the Ticketmaster platform.

Our brand partners remain engaged and are responding well to our reopening, and like our concerts business, our sponsorship pipeline of committed activity for 2022 is up double digits for next year relative to where it was at this time pre-pandemic in 2019 for 2020.

Like so many of you, I'm excited to get back to concerts over the next few months, and even more excited to see what I expect to be a non-stop 2022, that continues roaring into 2023 and beyond.

Michael RapinoPresident and Chief Executive OfficerLive Nation Entertainment, Inc

For earnings history and earnings-related data on Live Nation Entertainment (LYV) click here.

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