LOS ANGELES (CelebrityAccess) — Live Nation Entertainment Inc. reported a loss of $186.5 million in the fourth quarter of 2014 and a loss of 90.8 million for the year, almost double that of 2013.
The company posted revenue of $1,571.9 million for the quarter, up 3% for the same time frame in 2013, and saw their revenue on an annual basis grow by 5.6% to $6,867 million.
The concert division was the loss leader for the company, reporting a decline in revenue of 11% to $966.8 million for the quarter, but was up for the year by 5% with $4,726.9 in revenue.
Ticketing revenue was up by 15% with $445.7 million earned for the quarter and up by 11%, reporting 1,557.3 for the year. Sponsorships were driving revenue as well, the division reporting an increase of 10% ($69.4 millon) for the quarter and 5% (300.3 million) for the year. Artist Nation, historically unprofitable for the company, also turned the page for both the fourth quarter and the year, posting revenue gains of 16% (106.7 million) and 10% ($389.4 million) respectively.
"In 2014 we built on a record 2013 by growing Concerts revenue 5%. We again grew our global market share, as we promoted the majority of shows for 22 of the top 25 global tours. At the same time, we expanded our global footprint in the Philippines, Thailand, Taiwan and Indonesia, while also building our portfolio of marquee North America festival assets with the acquisition of Austin City Limits and Lollapalooza festivals and brands," Live Nation CEO
Michael Rapino said in a press statement announcing the results.
"We are confident that our business model, and its scale, provides ongoing growth potential. There remain continued opportunities to consolidate the global concerts business, and we will use that scale to drive fan monetization, advertising and ticketing.
"Since 2012 we have grown revenue by 18%, AOI by 20% and cash flow by 31%**. Looking forward, we see this growth as sustainable and repeatable given the breadth of levers and trends currently working for us," Rapino added. – Staff Writers