Live Nation Entertainment posted a 6.3% increase in revenue and a 20.7% gain in adjusted operating income for the fiscal year ended Dec. 31, the company reported Thursday.
In its fourth fiscal quarter — traditionally a comparatively slow period for the concert biz — revenue dropped 4.2% and adjusted operating income slowed by 10.7%.
In the last fiscal year, LNE’s revenue climbed to $5.38 billion, up from $5.06 billion in 2010. Adjusted operating income rose to almost $438 million from $362.8 million the previous year.
Adjusted income from the company’s concert business grew nearly 97% in 2011, to $30.3 million from $15.4 million the previous fiscal year. Ticketing rose 17.6% to $272.1 million, up from $231.3 million in 2010. The Artist Nation management division climbed a slim 1.5% to $47.2 million, from $46.5 million the prior year.
Q4 concert revenue declined 12.1% to $694.4 million, while ticketing revenue increased 6% to $323.4 million.
Despite flattening fourth-quarter revenue and income, LNE president-CEO Michael Rapino said in a statement, “The concert business is off to a great start in 2012, driven by a solid early lineup of artists and healthy ticketing demand. We believe that the industry has stabilized and expect the overall market environment to be much the same in 2012, with the fans’ passion for our products mitigating any ongoing economic uncertainty.”
The company also announced Thursday that it was entering the Japanese market with the formation of Live Nation Japan, a joint venture with Tokyo promotion firm Creativeman.