LOS ANGELES (CelebrityAccess) — Live Nation Entertainment, Inc. continued to pare losses in the first quarter of 2014, reporting a net loss of $32.4 million against a loss of $63.2 million in Q1, 2013.
Overall revenue at the company was up by 8% to $1.13 billion in the first quarter of 2014 from $923.70 million a year ago, and free cash flow was up to $34 million for the quarter, an improvement of 138% from Q1 2013.
Breaking down the numbers, Live Nation saw strong performance in their concerts division, with attendance up by 11% globally and revenue up by 29% over the same period in 2013. Live Nation attributed this to improved profitability from the arena activity in Europe, ticket pricing initiatives in North America and the increased global touring activity.
Live Nation's ticketing division revenue was up by 9% against last year, with the improved results largely due to higher ticket sales for concert events in North America and Europe. Overall, the total number of tickets sold during the quarter increased 2.5%.
Live Nation's Artist Management unit, Artist Nation, was also in the black for the quarter, with revenue increased 44% for the quarter as compared to last year primarily due to higher management income and merchandise sales. Overall, the unit posted an adjusted operating income of $5.1 million for the quarter.
Sponsorship & Advertising posted gains as well, with revenue up by 13% over the same quarter in 2013. The company attributed the gains to higher sponsorship revenue generated from new clients and growth in online advertising.
"Given our momentum coming out of 2013, our strong early success with the first quarter and solid leading indicators for the year, I am confident that in 2014 we will deliver our fourth consecutive year of revenue, AOI and free cash flow growth; grow the profitability of each of our businesses; stay on track to deliver our 2015 financial plans; and operationally continue to invest in and build all of our businesses to drive continued growth," said Live Nation CEO Michael Rapino in a statement. – Staff Writers