Music followers continued to splash out on stay concert events within the first three months of the 12 months.
That’s the important thing takeaway from the newest monetary outcomes revealed by live performance large Dwell Nation on Thursday (Could 2).
Dwell Nation generated revenues of $3.8 billion in Q1 (the three months to the top of March), up 21% YoY.
These revenues had been generated throughout all divisions, together with concert events, ticketing and promoting & sponsorship.
The corporate’s President and CEO, Michael Rapino, instructed traders on Thursday that Dwell Nation’s “Q1 outcomes display that stay occasions stay a precedence for followers world wide”.
“International fan demand is stronger than ever, extra artists are out on the street, and extra venues are being added to deliver them collectively.”
Michael Rapino, Dwell Nation
He added: “International fan demand is stronger than ever, extra artists are out on the street, and extra venues are being added to deliver them collectively.
“Whereas working earnings will probably be impacted by one-time accruals, we’re on monitor to ship one other report 12 months with double-digit AOI development and years of momentum nonetheless to come back.”
Taking a deeper dive into Dwell Nation’s stability sheet reveals that the corporate’s ‘Live shows’ enterprise generated $2.9 billion in Q1, up 26% YoY (see beneath).
Dwell Nation’s Sponsorship & Promoting section generated $211.3 million in Q1, up 24% YoY.
Dwell Nation noticed fan attendance at its exhibits in the course of the first quarter develop 21% YoY to 23 million.
This attendance development was led by Dwell Nation’s Enviornment concert events, the place attendance was up 40% YoY to almost 10 million followers globally.
In North America, Dwell Nation’s estimated variety of followers in attendance at its exhibits reached 10.9 million in Q1.
Dwell Nation mentioned that it additionally noticed its pageant attendance develop by double-digits, pushed by Latin American markets.
12 months-to-date, Dwell Nation reviews to have offered 86 million tickets for its concert events this 12 months, which it famous on Thursday is “in step with 2023 regardless of lowered stadium exercise”.
In the meantime, the corporate’s ticketing enterprise, Ticketmaster, generated revenues of $723 million in Q1, up 7% YoY.
Ticketmaster was reported by Dwell Nation to have offered roughly 77 million fee-bearing tickets in Q1, pushed by double-digit development in Worldwide markets.
Dwell Nation mentioned that Ticketmaster’s fee-bearing Gross Transaction Worth reached almost $8 billion in Q1, with development pushed by Worldwide markets.
Dwell Nation’s ticketing firm additionally offered roughly 78 million non-fee-bearing tickets in Q1, bringing the division’s complete variety of tickets offered within the quarter to 155 million.
Dwell Nation posted an adjusted working earnings of $367 million in Q1, which was up 15% YoY; and an operating lack of $37 million (see beneath).
Music Enterprise Worldwide
