LOS ANGELES (CelebrityAccess MediaWire) — Live Nation Entertainment saw their revenue decrease by a scant .5% in the 2nd quarter of 2012.
In their Q2 earnings report, Live Nation reported that their profit slid to $1.550 billion, measured against $1.558.9 billion in 2011. For the full half-year, however, the promoter saw revenue increase over last year by 0.4%
Revenues from concerts slid by 0.6% from the 2nd quarter in 2011, though ticketing revenue was up by 1.7% year over.
Revenues at Live Nation's artist management operation, which now includes Irving Azoff's Front Line management, were also down, with the division taking a 7.8% hit for the quarter.
Operating income was down sharply by 17.9% against the same time period in 2011, though the company attributed much of that to stock-based compensation payouts from the acquisition of the remaining equity from Front Line Management.
Total concerts slipped slightly from last year, with an estimated 5,675 events compared to 5,739 in Q2 2011, though total attendance was up by just under 800,000 and Live Nation sold 18.6 million concert tickets in Q2, up from 17.6 million in 2011.
During their earnings call, Irving Azoff briefly teased their tour schedule for 2013, stating that both Fleetwood Mac and The Eagles are planning outings.
"We are very pleased with the performance of the company in the second quarter, led by a robust concert season with a 6% increase in global concert attendance. Ticketmaster is showing similar strength, with the global ticketing business growing year-over-year with a 6% increase in ticket sales," said Live Nation's president/ceo Michael Rapino in a statement. – CelebrityAccess Staff Writers
