Live Nation Reports Smaller Quarterly Profit on Lower Concert Attendance
Company's net income dropped 26% to $51.4 million on revenue that rose 2% to $1.84 billion.
Live Nation Entertainment on Wednesday reported a smaller quarterly profit as attendance at concerts fell 16% year-over-year.
The company said net income dropped 26% to $51.4 million on revenue that rose 2% to $1.84 billion.
Live Nation, though, merged with Ticketmaster this year, and if the sales from those two companies were combined in the third quarter last year, revenue this time would have showed a decline of 14%.
While concerts suffered, other events made up some of the slack, so the total number of tickets sold fell only 4% in the quarter to 32.3 million.
But ticket sales looked bad in the most recent full month, said CEO Michael Rapino, so the company might miss its full-year profit forecast.
"October had hit us a little harder than we expected," Rapino said on a conference call with analysts, adding that he'll be "scared" if the trend continues through December.
Live Nation shares rose 13 cents to $9.81 Wednesday and were unchanged in after-hours.