Live Nation Enjoys The Black In 2Q
August 7, 2008 at 3:13 PM (PT)
A bright spot in an otherwise bleak earnings earnings reporting week comes from LIVE NATION, which enjoyed an unexpected second-quarter profit, thanks to increased ticket sales, number of events and revenue per attendee. The world's largest concert promoter generated net 1.16 billion in revenue, an 18% increase.
On the other hand, net income was $1.2 million, or 2 cents share, which was down from $9.9 million, or 15 cents a share.
Revenues from NORTH AMERICAN music rose 33% to $619.7 million, with ticketing segment enjoying the largest bump in revenue, almost tripling to $7.3 million. "The concert environment remains strong and the fundamentals of our core business continue to improve," CEO MICHAEL RAPINO said. "We have two priorities in 2008 -- to continue to grow our concert business and to prepare to vertically expand into the ticketing business."