LOS ANGELES (CelebrityAccess MediaWire) — Live Nation's Michael Rapino recently appeared on CNBC's "Power Lunch" segment with hosts Bill Griffeth and Sue Herera to talk, coincidentally, about Live Nation.
Rapino appeared to be very upbeat about Live Nation's future and pointed to the upcoming Madonna tour as a major component in their continued success.
"Madonna's about to go on tour, its going to be the biggest tour in history by a woman, for the next ten years, Madonna will be one of our biggest revenue drivers." Rapino told his hosts, adding "We think this tour is going to gross $250 million."
Rapino downplayed Live Nation's current share price woes, suggesting that the downturn in Live Nation's stock was more connected with the overall poor performance of the market rather than investor disenchantment with Live Nation's aggressive strategy.
"It's a tough economic times. Period," Rapino said. "There is a lot of press everyday about the music business being in trouble and if you're selling a six inch disc, you got a broken business model. If you are in the concert business, we've got a great model and it's going to take some time to put some numbers on the board." – CelebrityAccess Staff Writers