Concert promotion giant Live Nation released its financial results yesterday (Nov. 3) for the end of Q3, and the figures suggest some stabilization of the concert industry after a period of loss and cancellations.
“I am delighted that we continue to deliver improved financial results and are well on track to drive strong growth in profitability for the year,” said Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment. “Across our portfolio this year, we have delivered growth while also improving operating margins. This is reflected in the healthy gains in free cash flow from our operations while investing in new products including festivals, re-platforming of Ticketmaster, social media and mobile apps.”
Though the statements show a small (2.5%) decline in revenue to $1.79 billion over Q3 2010, net income was up slightly to $51.7 million for the same period. Estimated total attendance of 15.6 million appeared down somewhat for Q3, though the full nine month (through Sept. 30) total of 35.6 million more closely equals last year’s figures. Operating income was up 3.6% to $111.8 million.
“We believe the stabilization of consumer demand for live events will continue into 2012 and, looking ahead, we are increasingly optimistic about our opportunities,” Rapino continued. “Given the continued fan demand for concerts and a growing supply of artists hitting the road, we are optimistic about the future growth of the global concert industry. Based on this, we believe we are well positioned to generate improved returns from our business and deliver shareholder value.”