– Revenue Up 10% for the Quarter at Constant Currency to $1.2 Billion
– AOI Up 7% for the Quarter at Constant Currency to $74 Million
– Reported Revenue of $1.2 Billion; Operating Loss of $33 Million for the Quarter
– Concert Ticket Sales for Shows in 2016 Up 10% through April
– Sponsorship & Advertising Contracted Net Revenue at Constant Currency Up 11% through April
– Ticketmaster Global GTV at Constant Currency Up 18% through First Quarter
Ticketmaster Marketplace Growing
Ticketmaster continued to build its global marketplace in the first quarter, increasing gross transaction value (GTV) by 18% at constant currency. This growth was led by continued strength in our secondary ticketing GTV, which was up 43% at constant currency, making this quarter the eighth consecutive quarter with growth over 20% in secondary GTV.
Primary ticketing GTV grew by 16% for the quarter at constant currency. The month of February was our largest ever at Ticketmaster, selling over 17 million tickets globally, and during the quarter we had five of the top 20 ticket volume days in the history of Ticketmaster.
We have been able to continue growing our ticketing platform by simultaneously serving our existing venue clients, attracting new clients and developing fan products that increase conversion. Over the past year, we have reinforced our position as the top global ticketing partner for venues and content, adding over 150 new clients to our more than 12 thousand clients.
On the product side, one of our main areas of focus continues to be delivering a great mobile experience for fans buying at Ticketmaster. At this point, our websites are largely mobile responsive ready, and we have continued to upgrade our iOS and Android apps. As a result, we increased our mobile ticket sales by 30% year-on-year, now accounting for 25% of all ticket sales.
During the first quarter we also made major strides in realizing our vision of an open marketplace. We launched our first fully functional API with Bandsintown, enabling fans to directly search Ticketmaster’s inventory and buy tickets without leaving the Bandsintown app. This week we are launching the same functionality with Facebook, both with their app and online, and expect to rapidly scale from there. While still early, initial results show strong conversion uplift.
With Ticketmaster off to a great start over the first four months, in 2016 we expect to continue the profit growth trend of the past several years, with continued opportunity for years to come.
2016 is on track to be another year of growth and record results for the company. All of the leading indicators for our concerts, sponsorship and ticketing businesses are performing ahead of last year and we expect each of the businesses to deliver revenue, AOI and free cash flow growth this year.
Our results are demonstrating the fundamental strength and growth trajectory of live events and Live Nation’s positioning to deliver long-term profit and cash flow growth.
President and Chief Executive Officer
Live Nation Entertainment, Inc.