Live Nation has released its first-quarter 2017 financial results, and the company is continuing to see growth. The industry giant sold 46 million tickets between January and April of 2017, a 25 percent increase over last year’s sales.
The company saw a 17 percent rise in revenue, bringing its first quarter earnings to $1.4 billion. Adjusted operating income is up 25 percent for the quarter to $92 million.
Live Nation attributes its success to a growing concert industry, with artists touring more than ever and millennials looking to spend more money on experiences.
The first quarter has also seen double-digit growth for the company’s advertising business. As of the end of April, Live Nation had commitments for over 80 percent of its planned advertising for the year, pacing double-digits ahead of this point last year. The company now promotes concerts in 40 countries and sees further advertising opportunities with an increased demand for concert video content and its new partnership with Twitter to live stream concerts.
The rest of 2017 “is on track to be another year of growth and record results for the company. All of the leading indicators for our concerts, sponsorship and advertising and ticketing segments are ahead of last year, and we expect each of our businesses to deliver record revenue, operating income and AOI this year,” Live Nation President and CEO Michael Rapino said in a release.
Ticketmaster has also seen significant growth. The first quarter of 2017 marks its largest quarter in history for gross transaction value, or GTV, and ticket volume on a transacted basis. Ticketmaster grew GTV by 18 percent and 20 percent in primary and secondary ticketing, respectively. With 245 new clients added in the first quarter, the ticketer continued to expand its global reach. There are now over 33 million Ticketmaster app users, which the company has said led to higher conversion rates.
Another key aspect to Ticketmaster’s growth was off-platform purchases. By expanding the ways fans could acquire tickets, the company sold 4 million tickets in the first quarter, which is a 32 percent year-on-year increase from 2016.
To see the full report released by Live Nation, head to its news portal.