Revenue for concert giant climbs 23.1%
Buoyed by improving ticket sales, Live Nation Entertainment boasted a 23.1% boost in revenue for the quarter ended June 30.Overall revenues rose to $1.55 billion vs. $1.26 billion during the same quarter last year. Revenues from concerts soared nearly 26% to $1.08 billion from $859 million in the 2010 quarter. Revenues for the company’s ticketing activities climbed a comparatively small 7.3% to $283.8 million from $264.4 million in the same 2010 quarter. The company’s Artist Nation management division saw revenues up 33.5% to $118.4 million from $88.7 million quarter to quarter. Overall operating income rose 41.7% to $54.7 million, from $38.6 million in the same quarter during 2010. Net income was nearly $13.2 million, vs. a loss of $31.2 million in last year’s Q2. Estimated attendance at North American and international shows reached 13 million during the quarter, up 6% from the same quarter last year. Concert ticket sales totaled 17.6 million vs. 15.5 million during ’10’s Q2. LNE prexy-CEO Michael Rapino said, “We are seeing the global ticketing business stabilize and concert business grow year-over-year, and we remain optimistic about continued growth opportunities in the industry long term.” Company’s stock lost 60¢ and closed at $8.78 Monday amid the broader market declines.