Live Nation Reports Record Revenue But Losses Continue
Concert and ticketing giant Live Nation is reporting record revenue, but losses continue – $46.8 million in the last quarter alone. Live Nation produced almost 3,000 more concerts in 2015 than the previous year, reporting 16,854 events in North America and 8,665 concerts internationally.
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Live Nation reported a record year in 2015 as they reported their Q4 and full year results on Thursday. The company's financial filings revealed that Live Nation's revenue was up by 11% to $7.6 Billion for 2015. As well, the company reported their adjusted operating income for the year was up by 11% to $616 million.
Live Nation pared losses in their concert operation again in Q4, reporting adjusted operating income losses of $46.8 million for the quarter, compared with losses of $66.7 million for the same period in 2014.
Live Nation's Ticketmaster ticketing division also reported both a strong year in 2015 and a strong Q4 to end 2014 with revenue of 1,7 billion for the year, up 10% and 496.9 million for the final quarter of 2015, up 11% from the previous year. Adjusted operating income for the unit was $361.5 million for the year and $102.7 million for the quarter, up 40% for the quarter and 11% on a year over basis.
Live Nation's artist management division, Artist Nation, still weighed on the company's results, generating 440.8 for the year, but in the red on adjusted operating income to the tune of $28.6 million.
Live Nation produced almost 3,000 more concerts in 2015 than the previous year, reporting 16,854 events for North America and 8,665 concerts internationally. 43,753,000 U.S. fans attended Live Nation shows in 2015, and 19,704,000 fans abroad.
Live Nation noted that the period of growth for the company appears to be continuing in 2016.
"We see growth continuing into 2016, and through February 19th, ticket sales are up another 5% year-on-year, driven by 18% growth in amphitheaters and 47% growth in stadiums. We are confident we will again see strong growth in fan demand across our business this year," Live Nation said in their financial statement.
via CelebrityAccess
