Losses Widen At Live Nation
First quarter losses at Live Nation more than doubled over the same quarter last year despite growth in some areas.
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Live Nation Entertainment reported that their revenue fell 0.6% to $1.12 billion in the first quarter, amidst growth in ticket sales and advertising. Live Nation's first-quarter net loss widened to $66.5 million, from $30.1 million a year earlier.
Live Nation reported that ticket sales were up by 4% over last year and the company reported that their efforts in the mobile community were gaining traction with app installation up 43% to 17 million.
Live Nation also said that their sponsorship & advertising business was a strong performer for the quarter, with over 20% growth in both revenue and AOI this quarter on a constant currency basis.
The company also pointed to strong performance in their advertising segment, with with a 10% increase in the number of companies that buy more than $1 million worth of advertising a year.
"2015 is shaping up to be another year of growth and record results for the company, and we remain confident we will deliver the final year of our three-year plan. With strong leading indicators in concerts, sponsorship & advertising, and ticketing, operationally we expect revenue and AOI growth in each of our businesses and overall for Live Nation this year. And more fundamentally, we continue to see a wide set of both organic and acquisition opportunities to continue growing each of our businesses beyond 2015, directly building on the success we have achieved to date," Michael Rapino said in the earnings report. – via Celebrity Access.
Mr Rapino needs to know what’s going on with his company at the local level.
I have been a loyal Live Nation fan for many years. However, what I experienced last night will most definitely color my future dealings with this company.
I live in The Woodlands Texas; a stone’s throw from The Cynthia Woods Pavilion. )Over 50,000 people live in this planned community and we are big live music supporters.
I bought 2 tickets to Z Z Top scheduled for September13 2013. It was rescheduled for May 4th. when I turned up last night, on line ticket purchase in hand, I was informed that my tickets were fraudulent and that I would have to repurchase to attend the event. No recourse offered.
I am sad and extremely reticent to consider future purchases through Nation Wide.
Is their recourse for me? What is going on??
Your suggestions would be appreciated.
Sincerely,
Shelley Martin.