Quarterly report shows gains despite flat attendance levels
While concert attendance was flat during the first three months of 2011, Live Nation Entertainment saw a quarter-to-quarter increase in overall revenue in its first-quarter report, issued Thursday.Attendance for the January-March quarter was 6.96 million, compared to 6.97 million reported in 2010. However, the diversified entertainment company’s concert ticketing volume increased 12.8%, while ticketing for sporting events rose 17%. Overall revenue increased 17.4% on a quarter-to-quarter basis, with concert revenue lofted 10.1% (to $449.3 million, from $408.1 million in the same quarter last year) and ticketing revenue up 41.7% (to $296.3 million, from $209.1 million during the same quarter in ’10). Revenue from LNE’s Artist Nation management division witnessed a seasonal 22.3% quarterly drop. Operating losses on the concert side diminished to $69.4 million, from $72.9 million in 2010’s Q1. LNE president/CEO Michael Rapino said in a statement, “We believe that our business environment is starting to improve over last year and we’re encouraged with overall trends to date. Our healthy first quarter performance reflects improvement in ticket sales, solid growth in our sponsorship and e-commerce 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.”
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