MW Live Nation says ticket sales are outpacing last year despite worries about economy, but sales miss estimates

By Bill Peters

'As more artists tour the world, fan demand is reaching new heights across ticket sales,' CEO says, as some artists try to offer more affordable tickets

Ticketmaster parent Live Nation Entertainment Inc. on Thursday said that ticket sales were "pacing well ahead of last year," but the company's revenue for the first quarter came in below Wall Street's expectations.

The company (LYV) reported the results as analysts try to parse the impact of a higher cost of living, compounded by a global trade war, on concert demand, as some artists put more focus on increasing the availability of more affordable tickets.

Live Nation reported first-quarter sales of $3.38 billion, down 11% from the same quarter in 2024. Analysts polled by FactSet expected revenue of $3.49 billion.

However, Chief Executive Michael Rapino expressed optimism about the year, saying it was shaping up to be a "historic" one for live music.

"As more artists tour the world, fan demand is reaching newheights across ticket sales, show attendance, and on-site spending," he said in a statement. "Ticket sales are pacing well ahead of last year, with deferred revenue for both concerts and ticketing at record levels."

He also said that the company still planned to add 20 "major venues" to its venue network through next year.

Shares were unchanged after hours.

In February, when Live Nation last reported quarterly results, executives said they expected this year to be a big one, helped by more shows at stadiums and by tours from popular artists like Kendrick Lamar and the Weeknd. Management said demand at smaller venues was also strong.

However, the price of some resale tickets for Beyoncé shows has slipped below $60, raising questions about the state of the overall concert industry. Still, Live Nation pointed to data showing that her tour had added dates and was more than 94% sold as of the middle of March. Others said her latest album, "Cowboy Carter," which is more of a country album, might not have inspired fans to spend as much.

Concert demand has boomed following pandemic-era lockdowns and has weathered the spike in prices that began in 2022. But under the Biden administration, regulators worried that Live Nation's size had stifled competition. Live Nation executives in January said the target date for a trial in a 2024 Justice Department antitrust lawsuit was early next year.

Still, Oppenheimer analysts, in a note last week, said that there was "limited movement" in the DOJ case under President Donald Trump and that a settlement was possible before any trial date. They also said that demand for live events appeared healthy, and that the shaky geopolitical backdrop would likely only have "minimal impact" on Live Nation's global venue rollout.

Live events, the analysts said, were "more resilient in a recession from consumers prioritizing experiences [and] services over goods, in our view."

-Bill Peters

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May 01, 2025 16:24 ET (20:24 GMT)

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