LOS ANGELES (CelebrityAccess MediaWire) — Live Nation has reported a smaller than anticipated quarterly loss, helped in part by an increase in revenue, acquisitions and increased ticket sales. The promoter's net loss in Q1 was 35.4 million, an improvement from $45 million in Q1 2007.
Overall, LN's revenue was up markedly from $520 million to $636 million in that same period, handily beating the 'Street which had, according to Reuters, put the numbers at $520.3 million.
"The first quarter represented a solid start to what we believe will be a very healthy year for concerts globally," said Michael Rapino, "Our ticket sales to date remain strong despite the slowdown in the economy. Our priorities for 2008 continue to be focused on improving the profitability of our core concert
distribution platform, building our ticketing division for our 2009 launch and continuing to divest non-core assets to reduce debt." – CelebrityAccess Staff Writers