Losses Widen At Live Nation
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.