Live Nation Sees 23% Drop in Concert Attendance in Q1

Authored by Mark Hefflinger on May 8, 2009 - 9:47am.

Los Angeles - Live Nation (NYSE: LYV), the concert promotion giant awaiting antitrust approval of its proposed $2.5 billion merger with Ticketmaster (NASD: TKTM), said this week that attendance at its North American events was down 22.6% in the first quarter, compared to a year ago, while reporting a loss of $102.7 million, or $1.29 a share.

Revenue also was down 6% during the quarter, to $499.3 million; analysts had projected a loss of 74 cents per share, and revenue of $561.8 million.

One bright spot in North America was that revenue per customer at its events was up 5.7%.

International concert attendance was also up 17%, to 3 million.

The number of event sponsors fell 42% from a year ago, but sponsorship revenue increased 17%, to $21 million.

Live Nation also reiterated that it believes its merger with Ticketmaster will receive regulatory approval and be completed during the second half of 2009.

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