Live Nation Q1: More Revenue, Reduced Losses
May 5, 2011 at 3:10 PM (PT)
LIVE NATION ENTERTAINMENT offered a mixed bag of news in its Q1 '11 report. While LIVE NATION sold 11% more tickets and a 17% increase in overall revenue, that was only enough to reduce its first-quarter loss to $48.5 million, or 27 cents a share, compared with a prior-year loss of $122.2 million, or 83 cents a share.
Concert revenue grew from $408 million to $449 million (up 10.1%), as 12.8% more concert tickets were sold -- a little over 17 million.
"We believe that our business environment is starting to improve over last year and we're encouraged with overall trends to date," Pres./CEO MICHAEL RAPINO said. "Our healthy first quarter performance reflects improvement in ticket sales, solid growth in our Sponsorship and eCommerce segments and our focus on carefully managing our costs. It's still early in the year, but fans are responding well to our ticket pricing initiatives. In the year ahead, we remain focused on driving the two key parts of our business which are adding content and monetizing the event in order to grow our higher margin businesses. We're continuing to invest in upgrading our digital infrastructure to improve functionality and adding enhancements to our eCommerce platform to improve our core services for fans, artists, sports teams and venues."