Shares of Live Nation Entertainment (LYV) jumped over 7% on Friday, driven by ticket sales, especially for Taylor Swift’s Eras Tour, and other performances in the first quarter. Reports revealed a notable 21% year-on-year increase in the concert promoter's first-quarter revenue, pushing the total to a record-breaking $3.8 billion. Despite this rise, the company experienced greater than expected losses of 53 cents per share.
Quarterly concert sales shot up by 26% to $2.9 billion, while Ticketmaster, owned by Live Nation, saw a 7% increase in sales, generating $723.2 million. Additionally, a 24% boost was observed in sponsorship and advertising revenue which totalled $211.3 million.
Attendance for first-quarter shows escalated by 21% bringing in 23 million attendees. Live Nation sold a record-breaking 77 million fee-bearing tickets.
CEO Michael Rapino underscored that the results display the considerable demand for live events among fans globally. He cited a stronger than ever demand due to a surge in artists hitting the road and the addition of more venues for performances. Swift's Eras Tour particularly stood out, reportedly becoming the first tour in history to gross over $1 billion in revenue.
Live Nation shares were also buoyed by CFO Joe Berchtold’s assurance to analysts that it was unlikely Live Nation and Ticketmaster would face a break-up instigated by regulators on grounds of violating antitrust laws.
Shares of Live Nation Entertainment wrapped up Friday with a 7.2% rise, closing at $94.66 and thus bringing the shares into positive territory for 2022.