Live Nation posts upbeat quarterly revenue on steady demand for concerts
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A Live Nation sign and office building stand along Hollywood Blvd, in Los Angeles, California, U.S., May 23, 2024. REUTERS/Mike Blake
May 5 (Reuters) - Live Nation Entertainment beat analysts' estimates for first-quarter revenue on Tuesday, underscoring steady demand for concerts and live events even as the Ticketmaster parent faces mounting regulatory and legal scrutiny.
It posted quarterly revenue of $3.8 billion, above analysts' estimates of $3.57 billion, according to data compiled by LSEG.
• Demand for live music has remained resilient as fans prioritize spending on experiences despite broader economic uncertainty.
• Live Nation, the world's largest concert promoter, has leaned on blockbuster tours by major artists and higher ticket prices to drive growth.
• "We have already booked over 85% of our large-venue shows for the year, with show counts up year-over-year across stadiums, arenas, and amphitheaters," Live Nation CEO Michael Rapino said.
• The results come as Live Nation is under increasing pressure from U.S. regulators and lawmakers over competition concerns in the live events industry.
• Last month, a New York jury found that Live Nation holds illegal monopolies in the market for ticketing services to more than 200 major concert venues, and the market for dozens of large concert amphitheaters booked by artists.
• Tickets sold through the end of April for 2026 Live Nation concerts were up 11% to over 107 million.
• The company posted operating loss of $371 million, impacted by a $450 million legal accrual, and cautioned that 2026 operating income will be affected by the charge.
• It reported a loss of $1.85 per share, compared with a loss of 32 cents per share a year earlier.
(Reporting by Kritika Lamba in Bengaluru; Editing by Sahal Muhammed)
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