Live Nation’s revenue rose to $3.79 billion in the first quarter, an increase of 12% from the same period last year, the company revealed in its earnings report on Tuesday (May 5). That nearly matches the company’s Q1 2024 revenue of $3.8 billion, which marked the company’s highest-ever revenue total in the first quarter.
The promoter’s adjusted operating income (AOI) of $371 million is up 9% year-over-year across all segments. Concerts AOI is up 7% to $3 million with 24 million fan attendance, ticketing AOI is up 4% to $256 million from 81 million fee-bearing tickets, and sponsorship AOI is up 21% to $165 million.
“In an increasingly digital and AI-driven world, the global desire for authentic human connection has never been stronger,” said Live Nation president and CEO Michael Rapino in a press release. “We are seeing a fundamental shift as fans prioritize the ‘live’ experience — the chance to be physically present with their favorite artists and share that energy with friends and fellow fans in a way a screen simply cannot replicate.”
The company’s Q1 deferred revenue for concerts and Ticketmaster — money collected for future concerts — also hit record levels. Event-related deferred revenue was $6.6 billion, while ticketing deferred revenue was $368 million — accounting for $5.5 billion in deferred ticketing gross transaction value.
The company reports that tickets sold through the end of April 2026 for Live Nation concerts were up 11% to more than 107 million over the prior quarter, with double-digit growth in stadiums, arenas, amphitheaters and festivals. It projects that the top driver of fan attendance growth in Q2 will come from third-party arenas.
For Venue Nation (Live Nation’s venue business), premium hospitality has delivered “strong results,” according to the report. The report also points to the company’s acquisition of Movistar Arena Santiago, Unipol Forum in Milan and IMPACT Arena in Bangkok for growing fan attendance at Live Nation owned and operated venues.
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“Historically, concerts have been about 99% GA and 1% premium. We now see that people will pay for a better experience,” said Live Nation president and COF Joe Berchtold on the company’s earnings call. He added that the promoter is looking to make 30% of two new arenas it’s building “in a premium capacity,” and taking amphitheaters in Dallas and Indianapolis “to 25% premium” over time.
Ticketing revenue is up 10% to $765 million for the quarter, with an AOI of $256 million, impacted by $30 million in expenses related to legal and operational improvements. Ticketmaster’s total fee-bearing tickets transacted through April 2026 were up 9% to 138 million, with gross transactional value of $17 billion. Primary fee-bearing ticket volume is expected to grow in the mid-single digits for the full year.
“As we continue to expand our global footprint to meet this growing demand for physical connection, we are well positioned for long-term compounding double-digit growth,” Rapino added in a statement.
On the earnings call, Rapino added that the company’s international business is “strong, maybe even stronger than America in terms of growth.” He added, “Latin America is on fire, from small to big festivals. So we’re seeing a great global supply and demand.”
Sponsorship revenue is up 20% to $259 million, while the division’s AOI is up 21% to $165 million, reflecting the strength of international festivals in South America and the growing venue portfolio.
While Live Nation’s 2026 operating income will be impacted by a $450 million legal accrual due to the DOJ settlement and the monopoly trial brought by 34 states, the company says it’s on pace to grow adjusted operating income by double-digits this year.
The earnings report arrives just weeks after a jury in New York found that Live Nation runs an unlawful monopoly that touches multiple parts of the concert industry. Following the verdict, which came down on April 15, Live Nation vowed to challenge it.
Prior to the verdict, Live Nation agreed to make several changes to its business practices — and to create a $280 million payment fund — as part of its proposed settlement with the Department of Justice (DOJ) that was reached a few days into the trial.
