Live Nation Revenue, Concert Attendance Dips In Q3
November 3, 2011 at 2:40 PM (PT)
LIVE NATION reported a 2.5% revenue decline in Q3 2011, with the concerts division earning 7.3% less in Q3 this year compared to 2010. Concert attendance in NORTH AMERICA fell from 12.8 million to 12.2 million; with ticket sales dropping approximately 200.000.
However LIVE NATION principals believe Q3 was an aberration as revenue is actually up for the first nine months of 2011. "I am delighted that we continue to deliver improved financial results and are well on track to drive strong growth in profitability for the year," LIVE NATION ENTERTAINMENT Pres./CEO MICHAEL RAPINO said. "Across our portfolio this year, we have delivered growth while also improving operating margins. This is reflected in the healthy gains in free cash flow from our operations while investing in new products including festivals, re-platforming of Ticketmaster, social media and mobile apps."
"We believe the stabilization of consumer demand for live events will continue into 2012 and, looking ahead, we are increasingly optimistic about our opportunities," RAPINO continued. "Given the continued fan demand for concerts and a growing supply of artists hitting the road, we are optimistic about the future growth of the global concert industry. Based on this, we believe we are well positioned to generate improved returns from our business and deliver shareholder value."
The full report can be accessed here.