Company releases 2010 fiscal-year figures
Live Nation Entertainment reported declines in most categories in 2010 fiscal-year and fourth-quarter figures announced Monday.Numbers reflected combined figures for 2010 operations by the merged Live Nation and Ticketmaster operations. In 2010, overall revenue increased to $5 billion from nearly $4.2 billion in 2009. However, firm showed an operating loss of $63 million and a net loss of $228.3 million (or $1.39 per share). Year-to-year concert revenues declined 7.2% during the 12 months ended Dec. 31 (to $3.4 billion from $3.7 billion), but grew 5% in the fourth quarter of the year (to $790.3 million, from $752.7 million). Revenue from ticketing dropped 12.5% year-to-year (to $1 billion) and 8.1% quarter-to-quarter (to $305 million). The concert business was hit by a dramatic downturn last summer, as major tours from the likes of U2, the Eagles, Christina Aguilera, “American Idols Live!” and the resurrected Lilith Fair saw cancellations and postponements. North American concert attendance declined 12% from 2009, according to Billboard. “While the macro-environment remains challenging given pressure on the consumer, we are encouraged with overall year-to-date ticket sales trends,” LNE prexy and CEO Michael Rapino.