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Live Nation Sees 23% Drop in Concert Attendance in Q1
/ May 8, 2009 1:47 pm

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.

 

Related Links:

http://snipurl.com/hmxgo

(Billboard)

http://snipurl.com/hmwwp (Hypebot)

http://www.livenation.com


3 Comments

  • BEWARE!! YOU WILL GET RIPPED OFF!! This is the situation…. I ordered tickets through Ticketmaster on March 25, 2009. I was offered a chance to order before the tickets were opened to the public. This was going to be a wonderful birthday gift for my sis and myself to attend the Yanni Concert together. The tickets I purchased cost $75.00 each and they were located on the floor (KKK section), I was pleased! On May the 15th I received an e-mail letting me know this:

    “Hello this is Ticketmaster Customer Service with an important alert for your upcoming event. The Yanni concert, scheduled at Cox Arena at San Diego State University on Saturday, June 20th at 8:00PM, has undergone unforeseen production-related seating changes that will affect your ticket(s). You will automatically receive comparable seating via standard first class mail. Your new tickets will be sent starting on June 2nd. And any previously received tickets or TicketFast tickets will not be valid for entry.
    We are currently holding tickets for you in Section E, Row 27, Seat(s) S 11-S 12.”

    SECTION E ROW 27 !! ARE YOU KIDDING ME??? AND THE PRICE REMAINS THE SAME!!?
    I called TicketMaster and asked them to explain why my tickets were changed and they said there was an obstruction placed where my seats were!! Oh sure…can we say “NOW…let’s now sell these seats for MEGA bucks?? I did cancel my tickets (oh they were pleased I did too)and they kept the Order Processing fee ($3.40). What a disappointment to say the least. I think this will be the last transaction I will ever have with TICKETMASTER…GOOD-BYE! And if you “LIVE NATION”, are the true culprit, then SHAME ON YOU.

  • And if you see the press release put out by Live Nation you would think that business is great, never a bad word no matter what the conditions.

  • The last segment of the economy to go is entertainment..Now that is change..

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