Live Nation Fourth-Quarter Revenue Drops 4.2%
"The industry has stabilized and expect the overall market environment to be much the same in 2012, with the fan’s passion for our products mitigating any ongoing economic uncertainty," says CEO Michael Rapino.
NEW YORK - Live Nation Entertainment on Thursday posted mixed fourth-quarter financials, but expressed confidence about its outlook for 2012.
The live events company reported an operating loss of $64.2 million, down from a year-ago loss of $79.6 million. But on an adjusted basis, which adjusts for the effects of the acquisition of Ticketmaster, the firm reported an operating profit of $50.7 million, down 10.7 percent.
Revenue declined 4.2 percent to $ 1.19 billion driven by a 12.1 percent decline in concert revenue, partially offset by gains in the ticketing, sponsorship and e-commerce areas, among others.
"The concert business is off to a great start in 2012, driven by a solid early line-up of artists and healthy ticketing demand," said president and CEO Michael Rapino. "We believe that the industry has stabilized and expect the overall market environment to be much the same in 2012, with the fan’s passion for our products mitigating any ongoing economic uncertainty. This year we plan to continue our focus on growing profitability with more concerts in the most attractive markets with great artists, growing our advertising network and investing in our consumer e-commerce and mobile ticketing platforms to enhance the fan experience on Ticketmaster.com and LiveNation.com."