Live Nation’s 2nd Quarter Profit Drops 42%

Fewer events drove a 42% drop in second quarter profit, Live Nation reported yesterday. Despite a attendance 6% rise, touring by major artists was less than a year earlier. U.S. summer touring will also be lower than last year, the company said.

Live Nations' net income for Q2 fell to $7.69 million, or 4 cents per share, from $13.3 million, or 7 cents, a year ago.  Analysts had predicted an average of 5 cents per share, according to Bloomberg.

Total concerts slipped slightly from last year, with an estimated 5,675 events compared to 5,739 in Q2 2011, though total attendance was up by just under 800,000 and Live Nation sold 18.6 million concert tickets in Q2, up from 17.6 million in 2011. During their earnings call, Irving Azoff briefly the tour schedule for 2013, stating that both Fleetwood Mac and The Eagles are planning outings.

Revenues at the comapny's artist management operation, which includes Azoff's own Front Line Management, were down 7.8% for the quarter.

Live Nation's President and CEO Michael Rapino put a positive spin on the numbers: "We are very pleased with the performance of the company in the second quarter, led by a robust concert season with a 6% increase in global concert attendance. Ticketmaster is showing similar strength, with the global ticketing business growing year-over-year with a 6% increase in ticket sales."

Material contributed by Celebrity Access