Live Nation's Q4 And 2012 Revenues Rise ... Yet Posts Larger Overall Loss
February 26, 2013 at 3:47 PM (PT)
The departure of IRVING AZOFF and the artist-management division he oversaw is cited as the reason LIVE NATION ENTERTAINMENT posted a wider annual loss, the company disclosed in its Q4 and 2012 report. At the same time, concert revenue jumped almost 32% in Q4 and 10.4% for the full year. Overall, revenue grew 21% in Q4 and 8.1% annually.
What hurt those numbers, according to BLOOMBERG.COM, was the ARTIST NATION management unit recording $5.5 million in costs related to AZOFF’s departure and $62.7 million to write down certain client-vendor relationship assets.
"During 2012, the company increased revenue by 8% and grew all our business segments while continuing to invest in our long-term ticketing platform," LNE CEO/Pres. MICHAEL RAPINO said. "Our ongoing growth in operating profitability was driven by the continued success of our core business of bringing more fans to more events, with ticket sales growth of 4% at our concerts and 5% for TICKETMASTER."
"Looking forward to 2013, I am confident that we will continue the successful growth of the core business. As of the end of 2012, we have sold 9 million concert tickets for 2013 shows, a 58% increase from a year ago. Our ticketing replatforming project is in its last full year of investment and will deliver major product innovations for clients and fans throughout the year, highlighted by our integrated inventory product for fans to be rolled out mid-year. I expect another strong year for our Sponsorship & Advertising business as we accelerate our online advertising and continue leveraging our festival base."
You can crunch LIVE NATION's numbers here.