Music giant accrued $1.55 billion in revenue, down 0.5%
Live Nation Entertainment reported a slim decrease in revenue in its earnings report for the quarter ended June 30, released Tuesday.LNE’s revenue dipped 0.5% to $1.550 billion, down from almost 1.559 billion in the same quarter last year. Revenues from concerts fell 0.6% to $1.076 billion (down from $1.082 billion in the second quarter last year), while ticketing gained 1.7% to 313 million (up from nearly 308 million last year). Revenues for Artist Nation, the company’s management division. slumped 7.8% to 109 million, off from 118 million in the same 2011 quarter. For the first six months of 2012, revenue was essentially flat at $2.418 billion. Operating income took a 17.9% hit, with $43 million reported (versus $52.4 million in the same quarter last year). Much of the loss derived from $24.4 million in stock-based compensation tied to the February 2011 acquisition of Front Line Management’s remaining equity. Concert attendance gained in the last quarter, rising to 9.27 million from 8.83 million in North America. Company sold 18.6 million concert tickets in the second fiscal quarter, up from 17.6 million during the same period in 2011. LNE president-CEO Michael Rapino said in a statement, “We are very pleased with the performance of the company in the second quarter, led by a robust concert season with a 6% increase in global concert attendance. Ticketmaster is showing similar strength, with the global ticketing business growing year-over-year with a 6% increase in ticket sales.”
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