Live Nation Entertainment has reported its second quarter fiscal results, with profits down 42 percent compared to a year ago. Net income in Q2 fell from $13.3 million in 2011 to $7.69 million, and the drop was largely attributed to the concert giant holding fewer events than it did in Q2 '11.
Overall revenue was down by just 0.5 percent, from $1.559 billion to to $1.55 billion, as concert revenue slipped by 0.6 percent to $1.076 billion. However, attendance was up 6.1 percent compared to Q2 '11, while Ticketmaster sold $2.19 billion worth of tickets in the quarter.
"We are very pleased with the performance of the company in the second quarter, led by a robust concert season with a 6% increase in global concert attendance," stated Michael Rapino, President/CEO of Live Nation Entertainment. "Ticketmaster is showing similar strength, with the global ticketing business growing year-over-year with a six percent increase in ticket sales. Sponsorship & Advertising delivered similar results to last year with continued strong margins, driving operating performance. Overall, we remain confident in our ability to deliver growth in our core business while we continue to invest in the technology platform, unlocking future growth opportunities with our 200 million transaction base and maintaining our strong leadership position in the marketplace."