LOS ANGELES (CelebrityAccess MediaWire) — Live Nation reports its second-quarter loss widened after a soft summer concert season hurt results.
Overall, Live Nation's net loss for Q2 increased to $34.6 million from $27.2 million in the previous year's Q2.
Live Nation reported a revenue increase of 21 percent to $1.27 billion, up from $1.05 billion, based in part on the merger with Ticketmaster. The largest revenue increase was in their Artist Nation operation, which saw a revenue bump of 43.9% against the same quarter in 2009. Concerts however, were off by 7.1%, with an estimated 750,000 drop in attendance figures.
"Our second quarter results were in line with our plan and financial guidance for the full year," said Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment. "Our performance to date reflects the impact of the uncertain economy on consumers, offset in part by our efforts to aggressively promote, price and expand access to concerts across our global platform. We have now largely completed the integration of Live Nation and Ticketmaster and we are generating considerable progress in driving efficiencies across our combined business. As we head into our biggest quarter, we are executing a range of revenue enhancement programs, while taking additional steps to reduce our operating expenses."
"Key artist tours anticipated during the summer and balance of the year for our artist management business include the Eagles, Jimmy Buffett, Kid Rock, Kings of Leon and the Scorpions, just to name a few, and it is their success that will help fuel our company’s growth," said Irving Azoff, Executive Chairman of Live Nation Entertainment. "As we look to the future, we are more confident than ever in our belief that Live Nation Entertainment has a unique business model to service artists and fans."
Live Nation's shares fell 10 cents, or 1.1 percent, at $9.36 in after-hours trading Thursday following the release of their financials. – CelebrityAccess Staff Writers
