Live Nation’s increase in ticket prices didn’t deter many people from going to see concerts in 2Q. The company reported net earnings of $13.3M, up from a $32.8M loss in the same period last year, on revenues of $1.56B, up 23.1%. Profits at 7 cents a share beat the 2 cents expected by analysts who follow the company. The Street also fell short in forecasting just $1.32B in revenues. The company says that 13.1M people attended 5,834 events sponsored by Live Nation; last year it had 12.3M people at 5,558 events. Although concert revenues were up, this year’s events were less profitable: Live Nation made up for that with big increases in earnings from its Artist Nation talent-management unit and tour sponsorships. Meanwhile, Ticketmaster sold $2.1B worth of tickets, up 15.7%. “We are seeing the global ticketing business stabilize and concert business grow year-over-year, and we remain optimistic about continue growth opportunities in the industry long term,” says CEO Michael Rapino. Live Nation shares are up 5.4% in after-hours trading after falling 6.4% during the day.
By DAVID LIEBERMAN, Financial Editor | Monday August 8, 2011 @ 4:16pm EDTTags: Live Nation Earnings, Live Nation Entertainment, Michael Rapino, Ticketmaster
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This article was printed from http://www.deadline.com/2011/08/live-nation-credits-growing-concert-ticket-sales-for-2q-results-above-expectations/
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