Live Nation Q2 Revenue Flat, Profit Falls
August 7, 2012 at 3:52 PM (PT)
LIVE NATION ENTERTAINMENT INC. reported Q2 concert revenue at a little under $1.1 million, essentially flat from Q2 2011, as ticketing revenue rise 1.7% on a ticket sales increase of about one million -- up 6%. However, BLOOMBERG reports that Q2's net income profit fell 42% to $7.69 million, due to a decrease in concerts, a stalling global economy and a $43.7 million charge from currency exchange rates.
Nevertheless, LIVE NATION ENTERTAINMENT Pres./CEO MICHAEL RAPINO stated, "We are very pleased with the performance of the company in the second quarter, led by a robust concert season with a 6% increase in global concert attendance. TICKETMASTER is showing similar strength, with the global ticketing business growing year-over-year with a 6% increase in ticket sales. Sponsorship & Advertising delivered similar results to last year with continued strong margins, driving operating performance. Overall, we remain confident in our ability to deliver growth in our core business while we continue to invest in the technology platform, unlocking future growth opportunities with our 200 million transaction base and maintaining our strong leadership position in the marketplace."