Live Nation Revenue Up 2%, Losses Widen In Q1 2012

Concert, event and ticketing giant Live Nation shared their first quarter 2012 earnings summary late yesterday and losses for the period widened to $69.15 million over $48.46 million in the same quarter last year. The losses were in part related to significant continuing investment in the company's e-commerce and marketing platform. Revenue was up by 2% to $868 million in the first quarter, up from $849.4 million in the same quarter in 2011.

Live Nation also reported an increase in sales for the first quarter, led by stronger ticket sales. However, sales of concert tickets was actually down slightly against the same period last year, with tickets to sporting events, and family-oriented programming making up the difference.

"Importantly, we also saw a 6% increase in ticket sales this quarter as compared to last year, reflecting strong demand for our live events and giving us great confidence that we are well positioned for the summer concert season," CEO Michael Rapino said in a statement.

In an investor conference call, Rapino outlined the company's aggressive festival and electronic music strategy, noting that the company was already planning to stage 55 festivals this year, with more in the works. Rapino also revealed that the company's season amphitheater business was also off to a solid start, with sales up by 50% over the previous year.

Live Nation's focus on social media ticket integration and e-commerce also appears to be paying off and Rapino noted that they were now seeing a "meaningful shift" with mobile sales up by more than 400% over the previous year.

Live Nation's shares gained 10 cents to close at $8.31 ahead of the earnings report.

via CelebrityAccess