Concert promoter Live Nation Entertainment Inc. reported
better-than-expected revenue and improved sales for the second
quarter, sending shares up in after-hours trading.
The company's shares climbed 2.9% to $26.50 in after-hours
trading.
The company said its earnings were hurt by a stronger U.S.
dollar, but were helped by mobile strategies.
In its concert business, Live Nation has sold about 75% of its
projected tickets for the year, and sales through July are 7% ahead
of last year's rate.
Mobile efforts also fared well, with mobile ticket sales up 7%
through July, the company said.
Live Nation merged with Ticketmaster in 2010 and acquired
promoter and festival operator Hard Events in 2012. In December, it
bought a controlling stake in C3 Presents, the Texas-based promoter
of Lollapalooza and Austin City Limits. It also announced a deal
for a controlling interest in the Bonnaroo festival earlier this
year. It announced in June it would purchase ticketing companies
Front Gate Tickets and Universe.
The concert industry has thrived in recent years as musicians
rely on touring for income amid sharply lower album sales.
Ticketmaster has posted strong growth in its secondary ticket
sales, a sector where it competes with eBay Inc. unit StubHub. In
March, StubHub said it sued Ticketmaster and NBA's Golden State
Warriors, alleging they collaborated to cancel fans' tickets when
they used StubHub.
Live Nation reported operating income of $48.4 million compared
with earnings of $55.7 million, a year earlier. On an adjusted
basis, income was $151.2 million, up from $142 million, a year
earlier.
The company reported revenue of $1.77 billion, up from $1.67
billion a year earlier. On constant currency basis, revenue was
$1.86 billion.
Analysts polled by Thomson Reuters were looking for revenue of
$1.7 billion.
Write to Neil Haggerty at neil.haggerty@wsj.com
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