LOS ANGELES (CelebrityAccess MediaWire) — Despite handily beating analyst expectations for revenue growth in the third quarter, Live Nation's third quarter profits were down by 24% over the same period in 2012. The company attributed the red ink to a $36 million loss on the extinguishment of debt, as well as some increased expenses.
“We had a record summer with revenue of $2.3 billion, up 15% for the quarter, largely driven by a 27% growth in global concert attendance compared to last year. Consumer demand has come back strong for us this year, as we have had attendance growth across concerts globally, from new artists to the legends and everyone in between,” said Michael Rapino, Live Nation's President and CEO.
Live Nation's revenue for the period was up by 15% to $2.26 billion over the previous year, while the company reported a profit of $43.8 million, down from $57.9 million in Q3 2012.
Concert revenue grew by 21%, driven by a 27% increase in global concert attendance. Revenue from advertising and sponsorship for the quarter inched up by 15% over 2012 and Ticketmaster saw a modest gain in revenue, notching up a 3% bump against the same period in 2012. Artist Nation continued to drag on the company's results, posting a 13% decrease in revenue from Q3 2012.
Shares for the company were down after the earnings report, sliding 1.12% to $19.40 in after hours trading. – Staff Writers