Live Nation Entertainment, Inc. has released its financial results for the quarter ended March 31, 2021.
The live entertainment empire posted $290 million in 2021’s Q1, which was down by 79% year-on-year due to the effects of COVID on the music industry. However, as reopening efforts worldwide are ramping up and more people are receiving their vaccines, Live Nation’s President and Chief Executive Officer Michael Rapino expressed his hope for redemption for 2022.
“When we reported our 2020 results in February, I was optimistic that we would soon be returning to live events, and since then, our confidence has increased for our key markets,” says Rapino in a letter that accompanied the report. “Complementing our event pipeline, Ticketmaster continues to build its global client base to further accelerate its growth. This year, we have already added new clients representing over 5 million net new fee-bearing tickets, which we expect to grow further throughout the year as more venues prepare for 2022.”
Rapino continues, “Our brand partners remain engaged and are responding well to our reopening, and like our concerts business, our sponsorship pipeline of committed activity for 2022 is up double digits for next year relative to where it was at this time pre-pandemic in 2019 for 2020.”
Live Nation Financial Highlights:
- Concerts Pipeline for 2022 Up Double Digits from 2019
- Ticketmaster Continues Signing New Clients, Adding Over 5 Million Net New Fee-Bearing Tickets Year-To-Date
- Sponsorship Commitments for 2022 Up Double Digits from 2019
- $750 Million Cost Reduction and $1.5 Billion Cash Management Program Targets in 2021
For the three months ended March 31, 2021:
- Total cash and cash equivalents were $3.0 billion
- Event-related deferred revenue was $1.5 billion
- Net cash provided by operating activities was $74.6 million
- Free cash flow adjusted was $(225.7) million
Read the complete report here.