Live Nation Entertainment today (5/11) released financial results for the first quarter of 2010, the first earnings report since completing its merger with Ticketmaster on Jan. 25. The company reported a loss of $112 million (76 cents/share) in the quarter that ended March 31, which was more than the prior-year Q1 loss of $102.7 million ($1.29/share). The first quarter in 2009 had fewer shares outstanding, prior to the Ticketmaster deal.
Revenue grew 49% to $723 million, mainly thanks to the merger. Concert attendance fell 3% to 6.8 million from 7.1 million a year ago, while the total spending per concertgoer grew 2% to $59.71 from $58.57.
Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment, said he expects the combined company to save at least $40 million during 2010 as operations between Live Nation and Ticketmaster are streamlined.
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EMI parent company Terra Firma has successfully raised 105 million pounds ($155.4 million) to stay in the good graces of lender Citigroup, according to a report today in the Wall Street Journal, citing sources close to the situation.
Meanwhile, the New York Post says Queen is the latest act planning to leave EMI, which has been its label home for four decades. An in-depth Business Week piece also reports contracts with Pink Floyd and Robbie Williams are coming up for renewal and could be in jeopardy. Paul McCartney, Radiohead and the Rolling Stones already exited the label.
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The New York Times looks at the royalty issues surrounding websites like Metrolyrics.com, which made almost $10 million in revenue last year.
Category: Featured, Financial/Legal, Label
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Sarah Skates has worked in the music business for more than a decade and is a longtime contributor to MusicRow.View Author Profile
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