Live Nation Q1 Revs Up 2%, Launches New Electronic Music Arm
May 9, 2012 at 3:08 PM (PT)
LIVE NATION ENTERTAINMENT posted Q1 revenue of $868 million, up 2% from the same quarter last year. However, its net loss grew from $54.3 million in 2011 to $70.2 million in Q1 2012.
In a statement, LIVE NATION CEO MICHAEL RAPINO noted, ""Importantly, we also saw a 6% increase in ticket sales this quarter as compared to last year, reflecting strong demand for our live events and giving us great confidence that we are well positioned for the summer concert season."
Live Nation Acquires Cream Holdings
At the same time, the L.A. TIMES reported that LIVE NATION will launch a LIVE NATIONS ELECTRONIC MUSIC division after it acquired CREAM HOLDINGS, a British promoter of the CREAMFIELDS electronic music festivals and DJ club events. CREAM HOLDINGS Founder/CEO JAMES BARTON will become President of the new division.