Live performance big Dwell Nation Leisure simply delivered its “greatest first quarter ever”.
Dwell Nation has revealed its monetary outcomes for Q1 2022 (ended March 31), and throughout the submitting, the corporate experiences quarterly revenues of $1.8 billion throughout all divisions, together with live shows, ticketing and promoting & sponsorship.
That total income determine was up on the $290.6 million the corporate posted in Q1 2021, when the live performance enterprise was nonetheless working a lowered variety of exhibits as a result of pandemic.
Now, in a letter to traders, Dwell Nation CEO Michael Rapino notes that, “artists are again on the highway and fan demand has by no means been stronger”.
Rapino added that “stay occasions stay a transparent precedence for customers as our social lives restart”.
Roughly 11 million followers attended Dwell Nation exhibits in Q1 in comparison with 15 million in Q1 2019.
Dwell Nation’s live shows enterprise generated revenues of $1.2 billion in Q1, versus the $239.4 generated in the identical quarter final yr.
The agency’s ticketing enterprise made $480.4 million within the three months ended March 31, in comparison with $28.3 million in Q1 2021.
Dwell Nation’s Sponsorship and Promoting Income, in the meantime, reached $115.7 million in Q1, versus $22.6 million in the identical quarter final yr.
Throughout live shows, ticketing and promoting & sponsorship, Dwell Nation’s working earnings was $27 Million and Adjusted Working earnings was $209 Million.
Rapino added that ticket shopping for serves as a “main indicator” to Dwell Nation’s total enterprise, and as such, sturdy first quarter efficiency delivered by the agency’s ticketing enterprise, Ticketmaster, “drove the corporate’s total profitability”.
He added that Ticketmaster’s efficiency “exhibits how properly [Live Nation’s] live performance and sponsorship companies are positioned to ship file outcomes this yr”.
Dwell Nation says the quarter was Ticketmaster’s second highest ever for gross transaction quantity, excluding refunds (see beneath).
Dwell Nation says that it has already bought over 70 million tickets for exhibits in 2022, up 36% in contrast so far in 2019.
In line with Rapino, “all main indicators level to double-digit progress in fan attendance at our live shows this yr relative to 2019”.
Dwell Nation says it has bought virtually 20 million extra tickets to its live shows this yr than at this level in 2019, with a lot of excursions nonetheless to go on-sale.
Looking forward to the summer time and the remainder of the yr, Rapino instructed traders that Dwell Nation “stays optimistic that we’re simply getting going as all main indicators reinforce file exercise ranges and monetary outcomes”.
“Our live performance and sponsorship companies are positioned to ship file outcomes this yr.”
Michael Rapino, Dwell Nation
Added Rapino: “We’re additionally persevering with to construct Venue Nation, our platform of operated venues, with a pipeline of 20 venues, together with the not too long ago opened Moody’s Middle area in Austin, along with including 38 extra festivals this yr.
“Sponsors want to spend greater than ever on stay leisure and Dwell Nation’s scale and world platform is making us the associate of alternative. Whereas the U.S. and U.Ok. have pushed a lot of our exercise over the previous yr, the remainder of the world is now quickly opening up.
“OCESA’s monetary efficiency for the quarter exceeded its 2019 Q1 outcomes, and each Latin America and Western Europe are anticipated to have file attendance for our live shows this yr.
“I proceed to anticipate this to be the beginning of our run. The worldwide addressable marketplace for live shows, ticketing and sponsorship all present an extended runway for continued progress. We now have over 60 excursions already underneath dialogue for 2023 – our earliest indicator of subsequent yr, and nice positioning for ongoing progress.”Music Enterprise Worldwide