Live Nation outperformed its projections in the first quarter of 2018 as revenue soared 19% to $1.5 billion (£1.1bn).
All divisions delivered double-digit operating income and AOI growth. Revenue in its concert division was up 20%, operating income grew by 16% and AOI improved by 29% as the promoter staged 22% more shows for 15% more fans globally in Q1.
The company has booked nearly 5,000 arena, stadium and amphitheatre shows, up 21% over the same point last year. Show count at its ampitheatres is up 27% to over 2,000 shows. Tickets sold for international arena shows and festivals were also up double digits through April, while earlier this week it announced it had acquired a controlling stake in Brazil's Rock In Rio festival.
"2018 is on track to deliver double-digit operating income and AOI growth along with expected strong gains in revenue, operating cash flow, and free cash flow," president and CEO Michael Rapino (pictured).
Live Nation's Ticketmaster division recorded the largest quarter in its history, selling almost 60 million tickets for 21% growth in global gross transaction value ("GTV") to $5bn (£3.7bn). Revenue was up 19%, operating income by 19% and AOI by 17%.
Mobile ticket sales were up 36% for the quarter and now account for almost 40% of all ticket sales.
"Our key leading indicators for our concerts, sponsorship and advertising and ticketing segments are ahead of last year, and we currently expect each of our businesses to deliver record revenue, operating income, and AOI this year," added Rapino.
