Live Nation Q2 Profits Up
August 10, 2007 at 5:45 AM (PT)
LIVE NATION, the nation's largest live entertainment promoter and venue management company, reported increased second-quarter profit, driven in part by higher ticket prices at arena shows and the acquisition of HOUSE OF BLUES clubs.
The company posted net income of $9.9 million, or 15 cents a share, compared with $9.7 million, or 15 cents, a year earlier. Revenue rose to $1.04 billion from $768.2 million in the same quarter last year.
Pres./CEO MICHAEL RAPINO commented, "Our vision is to build a global live music network that provides touring artists the opportunity to maximize their revenues and expand fan reach all under one aligned platform. We are already a leader in the global concert industry with tremendous fan access and we seek to augment and solidify that position and grow our business by providing artists with the 'triple play' of services."