Live Nation Reports $3.4B In Q1 Revenues, Down Against 2024

Live Nation reported first quarter revenues of $3.38 billion Thursday, an 11% decline from the record Q1 in 2024. Still, the company says, 2025 is shaping up to be a strong year with ticket sales surging.

The revenue number was a miss, however; the analysts’ consensus was pegged at $3.52 billion.

On the bottom line, though, Live Nation faired better, reporting operating income of $114.8 million. Analysts had predicted a slight loss.

“2025 is shaping up to be a historic year for live music, with a strong start having us on track to deliver double- digit growth in operating income and AOI this year. 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,” president and CEO Michael Rapino said in a statement.

In the concerts sector, Live Nation reported revenue of nearly $2.5 billion, down 14% against the same quarter last year (11% in constant currency). Concerts did turn a $7 million profit in Q1, which LN attributed to global growth, particularly in Asia and Latin America. Fan count of 22.3 million at 11,300 shows was consistent with last year, bolstered by 25% growth in Latin America. Clubs and theater head count was up 8%. The company does expect a strong summer with deferred revenue at $5.4 billion, up $2 billion against last quarter and up 24% year-over-year.

Ticketmaster’s revenue for Q1 came in at $695 million, down 4% year-over-year. Ticketmaster sold 78 million fee-bearing tickets, consistent with Q1 2024. While concert tickets were up 4%, non-concert event tickets slid 9%. Deferred revenue came in at a record $270 million.

Sponsorships continued to be a growth sector for Live Nation — indeed it was the only major sector that showed a year-over-year improvement in Q1, hitting $216.1 million, a modest 2% growth over 2024.

On the venue side, more than 10 million fans attended shows at owned venues in Q1 with food and beverage spend ahead of last year at clubs and theaters.

Going forward, Live Nation points to the deferred revenue number as an indicator of a strong ’25. Because it coincides with Northern Hemisphere winter, Q1 tends to be the slowest quarter for the company. The company says the stadium pipeline is running 60% ahead of last year with ticket sales in the largest venue type up 80%. First-week sell-throughs on onsales at all venue types are consistent with last year. In addition, 85% of sponsorships for the year are committed.