(Reuters) -Ticketmaster-parent Live Nation Entertainment ( LYV ) missed Wall Street estimates for first-quarter revenue on Thursday, hurt by higher concert ticket prices amid economic uncertainty.

Consumers are reducing discretionary spending due to high inflation and recession fears, affecting demand for entertainment services provided by companies like Live Nation, which are often associated with higher costs.

Revenue for the first quarter fell 11% to $3.38 billion, below analysts estimates of $3.50 billion, according to data compiled by LSEG.

The company's concert business, making up the bulk of its overall revenue, comprising merchandise sales and the production of live music events generated $2.48 billion, below analysts estimates of $2.55 billion.

The company posted ticketing revenue of $694.7 million, which also missed estimates of $776.8 million.