Photo Credit: Yvette de Wit
Live Nation reports a slow start in Q1 2025. But the company has lots of revenue booked that is yet to be realized, according to CEO Michael Rapino.
Live Nation’s Q1 2025 earnings report shows drops in total revenue and adjusted operating income compared to the same quarter the year prior. Overall revenue came to $3.38 billion—an 11% drop from last year, with adjusted operating income dropping 6% to $341 million.
The first quarter results come after Live Nation reported moderate year-over-year growth in its earnings last year. Live Nation showed a small increase in total revenue and a slower growth rate in adjusted operating income. But things have slowed since the burst in live event attendance in the couple of years post-COVID.
However, Live Nation isn’t forecasting dark skies all year, as CEO Michael Rapino pointed to event-related deferred revenue—money earned for future events they’ve got booked—stands at $5.4 billion. That’s up 24% year-over-year, and will lead to a “historic” year for live music, according to Rapino. Similarly, there were 95 million tickets sold for Live Event concerts, up double digits from the previous 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 concerns and ticketing at record levels,” says Michael Rapino, President and CEO of Live Nation.
“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.”
Globally, Live Nation had its best Q1 for concerts, with a revenue of $2.5 billion and a record adjusted operating income of $7 million, thanks to growth in markets like Latin America and Asia Pacific. International attendance was also similar to that of the prior year, with 22.3 million fans attending 11,300 shows. Sell-through rates in the first week for shows were consistent in this quarter with that of Q1 2024.
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