Ticketmaster cuts 8% of workforce despite Live Nation's strong Q1 ticket sales

Ticketmaster has laid off 350 employees, about 8% of its global staff, mainly in engineering, product, and design roles, shortly after Live Nation reported strong Q1 revenue of $3.79 billion, beating estimates. Despite this, Live Nation posted a Q1 operating loss due to a $450 million legal accrual. Ticketmaster's ticketing revenue rose 10% year-over-year, with a 9% increase in fee-bearing tickets and a 15% rise in gross transaction value. Management says the layoffs are a strategic move to prioritize initiatives and prepare for the next 12 to 24 months, not a response to weak performance.