LOS ANGELES (CelebrityAccess MediaWire) — Live Nation had a pretty ugly Q4, with reported losses of $337.5 million or $4.33 a share, up from the loss of 18.4 million they reported in the same period in 2007.
The losses were attributable in part to charge related to a decrease in market capitalization.
Revenue at the promoter was down as well, but much less markedly. The reported Q4 revenue of $916 million was only down slightly from 2004's $922.4 million.
Overall, Live Nation saw an increase in reported revenue of $4.2 billion, ahead of 2007's $3.8 billion in revenue.
"Both the number of concerts we produced and ticket sales increased over the prior year, outpacing the industry," Live Nation's Michael Rapino noted in a statement.
"Looking ahead, we believe that the live music business remains resilient despite the global economic turndown and that we are well positioned to benefit from this." – CelebrityAccess Staff Writers