Endeavor (NYSE: EDR) has posted a more than $400 million year-over-year (YoY) revenue improvement due in part to “the resumption of concert touring” and demand for other crowd-based entertainment.
Beverly Hills-headquartered Endeavor just recently shed light upon its performance specifics for January, February, and March of this year, which delivered a cumulative total of more than $1.47 billion in revenue. As mentioned, this figure reflects a $404.18 million hike from Q1 2021 and the $1.07 billion in income that came with it.
Each segment (excepting “eliminations”) achieved a YoY boost against last year’s opening quarter, according to Endeavor. But in what appears to be another encouraging sign for the live music space – which suffered unprecedented financial damage due to lockdown restrictions and large-gathering bans in 2020 and 2021 – the biggest jump came in the “events, experiences & rights” category.
Said category specifically brought Endeavor $825.81 million during Q1 2022, per the analysis, up a noteworthy $286.20 million YoY. Similarly, the company said that it generated $357.32 million from representation on the quarter, a YoY surge this time of $108.41 million.
Additionally, the UFC parent reported $296.69 million in quarterly revenue from “owned sports properties,” an increase of roughly $13.21 million YoY. Endeavor’s net income for Q1 2022 reached $517.67 million (up $515.29 million YoY), while long-term debt totaled $5.62 billion at the quarter’s conclusion, as total liabilities dipped to $8.39 billion.
Notwithstanding the difficult economic climate and the many concerts and music festivals that are being scheduled for the remainder of 2022, Endeavor CFO Jason Lublin said during his company’s earnings call that crowd-based music bookings for the autumn season “are pacing way ahead of pre-pandemic levels.”
“I would also add on the consumer side for our upcoming events,” Lublin relayed of the subject, “we see great demand as well in the pipeline. Concert bookings for the fall are pacing way ahead of pre-pandemic levels.”
Endeavor’s stock spiked following the earnings report’s release, and during Friday’s trading hours, shares saw their value grow by 5.23 percent, finishing at $19.30 apiece. Nevertheless, the current price signifies a nearly 45 percent falloff from 2022’s beginning and just a small uptick from the record low of $17.42 per share that the stock touched on Monday, May 9th.
About one week back, Live Nation (NYSE: LYV) reported $1.8 billion in quarterly revenue and indicated that it had “over 70 million tickets now sold for shows in 2022, up 36% compared to this point in 2019.” Like Endeavor, the Ticketmaster parent company added about five percent to its stock price on Friday, when LYV closed at $91.25.