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Live Nation revs drop in 3rd quarter

Poor summer concert season blamed

In the wake of a dismal summer concert season, Live Nation Entertainment’s revenues dropped 14.3% and operating income fell 20.2% in the concert and ticketing firm’s financial report for the quarter ended Sept. 30.

The 2010 figures include full-quarter legacy operations for Ticketmaster, which finalized its merger with Live Nation in January.

The L.A.-based company reported a 14.5% decline in revenues from its concert division, from $1.6 billion in the third quarter of 2009 to $1.3 billion in the same quarter this year.

Ticketing revenues also took a hit of 10.6%, dropping from $292.8 million in 2009’s Q3 to $261.7 million in this year’s third quarter.

Live Nation said that year-to-year concert attendance fell 15.8% in the quarter, from 19.5 million in the third quarter of 2009 to 16.4 million in the same quarter this year. The estimated number of tickets sold decreased 4.3%

“Clearly the adverse economic environment has negatively impacted our concert business during the 2010 year so far, and has had a similar impact on our ticketing and artist businesses as well,” LNE exec chairman Irving Azoff said in a statement.

“We continue to grow our Artist Nation business with new signings and acquisitions,” Azoff added. “While our roster of superstar clients and tour schedules for 2011 remains strong, we need some improvement in the overall economic environment in order to optimize profits going forward.”

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