LYV Revenue Up, Loss Down

Live Nation Entertainment narrowed its year-on-year net loss to $32.4 million, or 16 cents per share, from $63.2 million or 33 cents per share from the same period last year, while showing a 22 percent increase in revenue to $1.13 billion from $923.70 million.

The company, in releasing its financial results for the first quarter May 6, beat Thomson Reuters analyst expectations of a loss of 35 cents per share on revenue of $963.77 million from last year.

Concert attendance during the traditionally slower first quarter is up 11 percent from 2013, and Live Nation President/CEO Michael Rapino, along with COO Joe Bechtold and CFO Kathy Willard, predict growth to carry through the remainder of the year.

While arena shows were the driver in the first quarter, festivals are expected to lead the way during the spring and summer months, with stadiums joining the party in the fall. Concert revenue of $663 million in Q1 is an increase of 29 percent over the same period in 2013, driven by an increase in arena shows.

Ticketmaster continues to turn out a renewal rate of more than 100 percent, according to Live Nation, and revenue in that division was $355 million, good for an increase of 9 percent over 2013 Q1.

The company continues spending money on the rollout of its new modular platform.

Adjusted Operating Income increased 56 percent to $83 million, and operating income rose 64 percent.

All four Live Nation divisions contributed to the growth in Q1, and structural changes to streamline Artist Nation positioned the company to improve 44 percent over last year with $73 million in revenue.

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