- Share this article on Facebook
- Share this article on Twitter
- Share this article on Flipboard
- Share this article on Email
- Show additional share options
- Share this article on Linkedin
- Share this article on Pinit
- Share this article on Reddit
- Share this article on Tumblr
- Share this article on Whatsapp
- Share this article on Print
- Share this article on Comment
Live Nation Entertainment on Tuesday reported first-quarter revenue that increased more than six percent to $924 million, beating the expectations of analysts by about $3.5 million.
The giant concert promoter and ticket seller recorded a net loss of $63 million compared with a loss of $69 million in the same quarter last year.
PHOTOS: The 25 Biggest Tours of 2012
Live Nation said it hosted 4,880 events, up almost two percent from the same quarter last year, and attendance rose 12 percent to 8.1 million.
The quarterly results are the first since Greg Maffei replaced Irving Azoff — manager of The Eagles, Christina Aguilera and other music acts — as chairman. Maffei is CEO of Liberty Media, which is Live Nation’s largest shareholder.
“Our concert ticket sales for all events this year are up 26 percent, and Ticketmaster ticket counts for events in 2013 are up eight percent relative to this point last year,” said CEO Michael Rapino.
STORY: How a Live Nation Deal Cornered Justin Timberlake
In the most recent quarter, though, Live Nation said the “gross value of tickets sold” was $2.18 billion, down from $2.22 billion during the same frame a year ago.
Shares of Live Nation rose two percent Tuesday to $13.23 and did not trade after the closing bell.
THR Newsletters
Sign up for THR news straight to your inbox every day