Live Nation Takes A Bigger Hit In Q2
August 7, 2009 at 12:37 PM (PT)
LIVE NATION took a bigger loss in the second quarter of 2009, $27.2 million, which it attributed to costs related to its proposed merger with TICKETMASTER, as well as unfavorable exchange rates and various one-time items. BIZJOURNALS.COM reports the 33 cents/share loss was more than analyst predictions of 17 cents/share.
Quarterly revenues fell to $1.06 billion, down from $1.13 billion a year ago. LIVE NATION said it sold 4.3 million tickets in Q2, with a half-million of them being sold through its "no service fee WEDNESDAY" promotion. The company expects to see most of the benefits from this promotion during the third quarter.
"We believe that any reduction in margin that we sacrifice on the ticket purchase will be more than made up for in incremental ticket sales and additional onsite spending," CEO MICHAEL RAPINO said in a statement.
Estimated total concert attendance declined 2% to 13.1 million people in the quarter from 13.5 million people last year, and total revenue per attendee declined nearly 5% to $78.16 from $81.82.
Through the first six months of 2009, LIVE NATION lost $129.9 million, or $1.59 a share, on $1.6 billion in revenue. Through the same period in 2008, the company $37.9 million, or 50 cents a share, on $1.7 billion in revenue.