Live Nation Revenue Down in Q1, But Metrics Point to a Strong 2025

In the historically slow first quarter, Live Nation’s revenue dropped 11% to $3.38 billion (an 8% decline in constant currency), but adjusted operating income (AOI) fared better, declining 6% (or 0.5% in constant currency) to $341.1 million. 

As the U.S. economy teeters and businesses brace for a protracted and uncertain trade war, Live Nation, the world’s largest concert promoter and ticketing company, believes the business will recover from the slow start to the year. CEO Michael Rapino expects 2025 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,” he said in a statement. 

The first quarter is relatively slow as concerts are concentrated in clubs and theaters before festivals, stadium and amphitheater shows appear later in the year. In 2024, the first quarter accounted for just 16% of Live Nation’s full-year revenue, and the concerts division received just 15% of its 2024 revenue in the first quarter. The second and third quarters, in contrast, accounted for 59% of 2024 revenue.

Various financial metrics portend well for a stronger finish to 2025. Through mid-April, event-related deferred revenue — money collected for future concerts — of $5.4 billion was up 24% year-over-year. The 95 million concert tickets sold for Live Nation concerts represented a double-digit increase. On-sale sell-through rates were at or better than the same period last year. Ticketmaster’s primary ticketing volume was up 5% and gross transaction value (GTV) was up 10%. 

The various divisions expect to have similar margins to previous years. Concerts’ AOI margin should be consistent with the 3% achieved in 2024. Ticketmaster’s AOI margin should be in the high 30s and sponsorships in the low 60s. 

Absent stadium and amphitheater shows that occur later in the year, Live Nation’s concerts business had $2.48 billion in revenue, down 14% (11% in constant currency) from the prior-year quarter, from 22.3 million fans who attended 11,300 events. Concerts’ adjusted AOI improved to $6.6 million from a $1.8 million loss a year earlier. 

In the ticketing segment, revenue fell 4% (1% at constant currency) to $695 million, and adjusted AOI of $253.1 million was down 11% (7% in constant currency). Concerts’ primary GTV was up 9%. Of the 78 million fee-bearing tickets, a number that was consistent with the first quarter of 2024, concert tickets were up 4% and accounted for 60% of volume. Non-concert tickets were down 9%.

Sponsorship revenue of $216.1 million was up 2% (9% at constant currency) while the division’s adjusted AOI of $136.0 million was up 5% (11% in constant currency). In the quarter, Live Nation secured new name-in-title sponsorships, including Citizens Live at The Wylie and Synovus Bank Amphitheater at Chastain Park. 

Foreign exchange affected AOI by 5% due to Live Nation’s exposure to the Mexican peso and other Latin American currencies. The company expects foreign exchange headwinds to result in low, single-digit impacts to revenue and AOI in the second quarter.