Live Nation Ticket Sales and Revenue Rise, But Losses Continue
- Published in Business & Finance
- Written by Laura Boles
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Concert and ticketing giant Live Nation Entertainment reported earnings for their second fiscal quarter yesterday, showing an increase in net income of $58.1 million for the quarter, compared to $7.7 million from the same time period in the previous year. Revenue for the first quarter was up as well, rising 8% to $1.68 billion from $1.55 billion a year ago. The company is still operating in the red however, and reported an overall loss this year of $41.5 million for both fiscal quarters,
Live Nation saw solid revenue growth in their concerts, posting an increase of 10.9% from the same period in 2012. Revenue from ticketing operations was up as well, to 337.8 million, a 2.7% increase from the prior year. Sponsorship and advertising was also a bright spot in the earnings report, showing an improvement of 16.2% to $71.2 million from Q2 2012. Artist Nation however, saw a sharp downturn, posting a decline in revenue of 8.7% and an adjusted operating income loss of 43%.