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Live Nation Entertainment on Thursday posted quarterly financial results that fell short of expectations.
The company said that after adjusting for impairment costs it lost 41 cents per share in the fourth quarter while analysts were expecting a loss of 40 cents per share. Revenue was $1.57 billion while analysts expected $1.62 billion.
Revenue for concerts declined 11 percent to $966.9 million while revenue from ticketing grew 15 percent to $445.7 million. The Artist Nation management business grew its revenue by 16 percent to $106.7 million, and sponsorship and advertising took in $69.4 million, an increase of 10 percent.
For the year, Live Nation said mobile ticket sales surged 35 percent, representing 18 percent of all ticket sales for the company in 2014.
Live Nation also boasted that it promoted 22 of the top 25 global tours in 2014. During the year, some of the talent represented by Artist Nation — U2, Madonna, Lady Gaga, Miley Cyrus, Britney Spears, Nicki Minaj, Lil Wayne and Alicia Keys — chose to tour with Live Nation for more than 700 shows in 2014.
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