Live Nation Entertainment Revenue Climbs
May 03 2016 - 6:20PM
Dow Jones News
Live Nation Entertainment Inc. posted Tuesday a
narrower-than-expected loss for its first quarter, propelled by
double-digit revenue growth in its concerts and ticketing
businesses.
Revenue in the concerts segment climbed 12% to $695.4 million in
constant currency, while ticketing rose 10% to $412.5 million.
Sponsorship and advertising posted a 13% climb to $58.8 million,
while the Artist Nation segment's revenue dropped 3% to $75.4
million.
Shares of the company, down about 20% for the past year, rose 6%
to $23 after hours.
"We continue to be the world's leading promoter with 21 of the
top 25 global tours in 2016, including Beyoncé , Coldplay, Guns N'
Roses, Rihanna and Drake," the company said in its earnings
release.
Over all, Live Nation Entertainment reported a loss of $44.5
million, or 29 cents a share, narrower than the year-ago loss of
$58.3 million, or 31 cents a share.
Revenue rose 7.8% to $1.21 billion
Analysts surveyed by Thomson Reuters had projected, on average,
a loss of 31 cents a share on $1.18 billion in revenue.
Live Nation merged with Ticketmaster in 2010 and acquired
promoter and festival operator Hard Events in 2012. In 2014, it
bought a controlling stake in C3 Presents, the Texas-based promoter
of Lollapalooza and Austin City Limits.
In recent months, Live Nation has grappled with a lawsuit filed
by Complete Entertainment Resources LLC and its ticketing platform
Songkick. The lawsuit alleged that the country's biggest concert
promoter violated antitrust laws by trying to force artists to sell
their "presale tickets" on Songkick at prices at least equal to
those in the general sale on the Ticketmaster platform.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
May 03, 2016 18:05 ET (22:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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