Concert promoter and venue operator Live Nation said it logged its “best first quarter ever,” thanks to a resurgence in concert going, which juiced sales at its Ticketmaster division.
Ticket sales giant, Ticketmaster recorded its second highest gross transaction volume in its history with an estimated 111,292 in the three months ended March 31. The division added seven million net new tickets in the quarter.
Overall, quarterly revenue at Live Nation, which runs music festivals like Lollapalooza and Governors Ball, jumped $1.8 billion, up from $290 million in the year-earlier quarter.
“Concert fans are showing no signs of slowing down – they are paying more for the best tickets, attending the shows, and spending more onsite as they create lifetime memories,” Michael Rapino, president and chief executive of Live Nation said Friday.
The CEO said inflation doesn’t appear to be impacting demand or pricing on ticket sales, adding that concert “no-show rates” have returned to pre-Covid-19 levels.
The company said it registered roughly 11 million fans attending shows in the quarter, down from 15 million in the first quarter of 2019, which the company said was its most comparable period since the pandemic.
High demand has goosed sponsorship sales, which are up double-digits compared to this point in 2019. As a result, the company said it has already sold 90% of its planned sponsorship for 2022.
Live Nation took a hard hit during the pandemic and was forced to cancel all its tours. The firm said today the coronavirus is having less of an impact on planned events, noting that it only canceled about 1% of planned concerts in March.
Looking ahead, Live Nation said it expects a strong year as over 70 million tickets have now been sold for shows in 2022, which accounts for a 36% jump over the same period in 2019.
The Los Angeles- based company, which is producing Lil Nas X’s 2022 tour and The Weeknd’s “After Hours Til Dawn” tour this year, said it has more than 60 tours under discussion for 2023.