LOS ANGELES (CelebrityAccess) — Endeavor Group Holdings, Inc., the company behind WME, revealed strong financial performance in the first quarter of 2022, reporting revenue of $1.474 for the period.
As well, the company posted a profit for the quarter, reporting net income of $517.7 million, according to the company’s latest financial filings.
Endeavor attributed the results to strong performance across the company, including its portfolio of pay-per-view events. According to Endeavor, all UFC pay per view events in the quarter sold out, while PBR broke 10 all-time gross sales event records, including seven sold-out shows.
Additionally, the company pointed to a rebound in the demand for premium content and live events, including the resumption of concert touring as well as increased consumer spending which drove representation revenue growth, up double-digits over Q1 2019.
Owned Sports Properties segment revenue was $296.7 million for the quarter, up $13.2 million, or 5% compared to the first quarter of 2021. The segment was powered by increased greater sponsorship, licensing, commercial PPV and event-related revenue for UFC but weighed on by one fewer PPV event for the quarter when compared to previous years.
Endeavor’s representation business also performed well in the quarter, recording revenue of $357.3 million for Q1, up by 44% from the same period in the previous year.
According to Endeavor, the recovery in the segment was driven by increased brand spending, as well as higher commissions due to demand in the live entertainment sector, in particular music and comedy touring.
The segment’s Adjusted EBITDA was $101.7 million for the quarter, up $40.2 million, or 65%, year-over-year.