Live Nation is facing a slow start to the year with its Q1 2025 earnings report, with drops in total revenue and adjusted operating income compared to the same period last year.
Overall revenue came in at $3.38 billion, an 11 percent decrease from last year’s $3.8 billion during the same time frame, while adjusted operating income dipped six percent from $362 million to $341 million. The news comes months after Live Nation reported moderate year-over-year growth in its 2024 earnings, with a small increase in total revenue over the previous year and a slower growth rate in adjusted operating income.
That doesn’t mean that the company is forecasting an overall gloomy year, as event-related deferred revenue, or money that they’ve earned for future events, stands at $5.4 billion, up 24 percent over last year. There were also 95 million tickets sold for Live Nation concerts, up double-digits over last year.
Michael Rapino, president and CEO of Live Nation, had a more optimistic outlook, explaining in a statement that 2025 will be “historic” for live music. “As more artists tour the world, fan demand is reaching new heights across ticket sales, show attendance, and on-site spending. Ticket sales are pacing well ahead of last year, with deferred revenue for both concerts and ticketing at record levels. To support even more fans seeing their favorite artists, we’re continuing to expand our global venue network, adding 20 major venues through 2026. As the global experience economy grows, the live music industry is leading the way, and we’re positioned to compound growth by double-digits over many years.”
Elsewhere in the report, Live Nation states that sell-through rates in the first week for shows were consistent with the same timeframe as last year. International attendance was similar to that of 2024, with 22.3 million fans attending 11,300 events.
Ticketmaster deferred revenue was $270 million, up 13 percent compared to 2024. Its primary ticketing volume across all genres was up five percent, while transacted ticket sales for concerts were up 25 percent.
Globally, Live Nation had its best-ever Q1 for concerts with a revenue of $2.5 billion, with a record adjusted operating income of $2 million due to growth in international markets, including Latin America and Asia Pacific. On the brand partnerships side, Live Nation reported revenue of $216 million with an AOI of $136 million due to festival partnerships with companies including 7-Eleven and Athletic Brewing Company.
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