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Can't say this was exactly a surprise. But Live Nation Entertainment dropped an impressive $86.1 million during the latest quarter, thanks in part to significant attendance declines. That is nearly triple the operating losses from last year, according to adjusted company figures (the Ticketmaster merger complicates the calculations somewhat.)
The quarterly losses happened on topline revenues of $1.24 billion, and continued problems putting expensive butts-in-seats. During the three-month stretch, attendance dipped 7.6 percent, though the actual number of tickets sold - in terms of units - dropped a milder 1.4 percent.
The picture was equally rocky on the full year. In 2010, operating losses landed at $63.7 million, on revenues of $5.06 billion. During the full year, attendance slipped a more serious 9.4 percent.
All of that puts more pressure on Live Nation - and the broader concert industry - to lower costs and fees, and drive a lot more traffic to shows. And, to somehow weather the effects of a recession that remains highy unpredictable. "We are taking steps to better price and promote our shows, while carefully managing our costs," said Michael Rapino, president and CEO of Live Nation.
Comments Closed
@gkla Monday, February 28, 2011
Greg Katz
and pay no attention to how we lost $86.1 million last quarter
Tsk ! Tsk ! Monday, February 28, 2011
@DaBlogMan Monday, February 28, 2011
Ryan Carroll
WOW.
@goodlook72 Monday, February 28, 2011
thomas washington
wowzers thats 86 mill in 3 mnths
@mattyrose23 Tuesday, March 01, 2011
Matthew Rosenberg
Not that I can complain but I hope this is the start of lower prices and fees on concert tickets
@MichaelGalbe Tuesday, March 01, 2011
mikegalbe
Oops guess good reason to sue Michael Kohl for disastrous deals
Brian Rice Tuesday, March 01, 2011
Finally, they might realign their charge with the average concert-goers budget.
@makno Tuesday, March 01, 2011
Philippe Astor
La Live Nation va mal...
SCarterTMG Tuesday, March 01, 2011
After cleaning out our wallets for years the public is finally making their feallings known.
@DreaCros Tuesday, March 01, 2011
Drea Crossett
Ouch!
Mark F Tuesday, March 01, 2011
"The quarterly losses happened on topline revenues of $1.24 billion". Doesn't that mean they cleared their expenses by like $1.1 billion? The news loves to harp on LN's losses... how about the gain?? Pretty impressive if you ask me. Naturally the big losses are going to arise out of doing business on that level, but they look like they're still kicking to me.
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