Live Nation revenue rocks amid Q1 loss
EmptyLive Nation, which handled more than 4,400 music events in the first quarter, reported Thursday a narrowed loss on higher revenue.
The concert promoter lost $35.4 million in the first quarter, compared with a $45 million loss a year ago, on revenue that rose 22% to $636.5 million.
The revenue increase was due in part to the $35.2 million acquisition of House of Blues Canada; the $16 million purchase of Academy Music Group, which runs 12 U.K. venues; the acquisition of Heineken Music Hall in Amsterdam; and increased attendance and ticket prices at midsized venues.
Other first-quarter highlights included obtaining long-term rights to Madonna, U2 and Jay-Z.
Live Nation shares rose fractionally Thursday to $14.11. (partialdiff)