×
You will be redirected back to your article in seconds

Live Nation posts 9.7% revenue gain

Concert giant's Q3 earnings show growth

Live Nation Entertainment saw a 9.7% year-to-year gain in revenue during the third quarter ended Sept. 30, the concert promotion, venue and ticketing giant announced Monday.

Overall revenue rose to $1.9 billion from nearly $1.8 billion in the third fiscal quarter of 2011. For the first nine months of 2012, revenue grew by 4.4% to $4.38 billion, up from nearly $4.2 billion a year earlier.

Concert revenue grew 11.7% to $1.4 billion, up from nearly $1.3 billion in the same quarter last year. Ticketing revenue rose a slimmer 3.7% to $346 million from $333.5 million in the third quarter of 2011. LNE’s management division, Artist Nation, saw revenue rise 5.4% to almost $128 million from $121.4 million in 2011’s Q3.

Overall, operating income slipped 0.6% to $202.4 million, down from $203.6 million in the same quarter last year. Concerts took a 60.5% hit, slipping to $19.1 million from $48.4 million in 2011’s third quarter.

However, thanks to robust ticketing and sponsorship numbers, operating income for the first nine months of 2012 climbed 23.2% to $104.7 million, up from $85 million in 2011.

LNE president-CEO Michael Rapino said in a statement: “For the quarter, global concert attendance is up 2%, and ticket sales for Ticketmaster increased 3%. We expect to have continued growth in ticket sales in the fourth quarter, as compared to last year, for both concerts and Ticketmaster. As a result, we currently anticipate growth across concerts, ticketing and sponsorship, and advertising for the fourth quarter and full year.”

LNE shares closed down 7¢ at $9.17 on the NYSE Monday. The stock’s 52-week high was $10.99.

More Music

  • Elizabeth Warren Taylor Swift

    Elizabeth Warren Backs Taylor Swift in Big Machine Battle, Slams Private Equity Firms

    Taylor Swift’s battle with Big Machine has spilled into the political arena. Democratic presidential candidate Elizabeth Warren retweeted Swift’s Thursday message about her former record label preventing her from performing her old hits at the American Music Awards, adding that Swift is “one of many whose work as been threatened by a private equity firm.” [...]

  • Cynthia Erivo

    Cynthia Erivo Almost Gave Up Singing to Become a Spinal Surgeon

    Before Cynthia Erivo went on to become a Tony and Grammy winner, she nearly gave up singing to be a spinal surgeon. In her “Variety Studio: Actors on Actors” conversation with Alfre Woodard, the “Harriet” star said she had been singing since she was toddler. Her mother noticed she’d hum while eating her food when [...]

  • 'Roxanne' Singer Arizona Zervas Signs With

    'Roxanne' Singer Arizona Zervas Signs With Columbia

    Hotly tipped singer-songwriter Arizona Zervas, whose viral hit “Roxanne” is in the top 40 of the Billboard Hot 100,  has signed with Columbia, Variety has confirmed. Since the release of the track on Oct. 10, “Roxanne” has reached nearly 50 million streams on Spotify. The single topped Spotify U.S. top tracks chart for an uninterrupted [...]

  • taylor swift, scott borchetta and scooter

    Rage Against the Big Machine: What's Driving the Taylor Swift Showdown

    The latest Taylor Swift-Scooter Braun-Scott Borchetta kerfuffle involves the sort of music business minutiae that doesn’t commonly interest the general public — in fact, it’s probably safe to say that untold thousands if not millions of people are suddenly familiar with the concept of re-recording old masters. But in blasting Braun on social media and [...]

  • Lil Peep Everybody's Everything

    Album Review: Lil Peep's 'Everybody's Everything'

    When Lil Peep died after an accidental overdose in 2017 at age 21, we had still only just touched on the life and aesthetic of the neophyte emo-trap-punk-rap king. We were just beginning to find out how he went from an Allentown, PA working class youth with an absentee father, and a child of mental [...]

  • Lauryn Hill Drops First New Solo

    Lauryn Hill Drops First New Solo Song in Five Years, ‘Guarding the Gates’ (Listen)

    Lauryn Hill dropped her first new solo song in five years on Friday morning, “Guarding the Gates,” from the forthcoming film “Queen & Slim.” While the song was announced several weeks ago, Hill songs have been few and far between in the 20 years since her Grammy-cleanup blockbuster debut solo album, “The Miseducation of Lauryn [...]

More From Our Brands

Access exclusive content