Live Nation Still Profitable After Drop in Concert Attendance

As Hypebot reported, Live Nation announced their third-quarter results last week, and they’re making more money, but nearly a million fewer people went to concerts than in 2010.

The concert promoters reported a 1.4 percent rise in Q3 earnings, however concert attendance went from around 16 million this time last year to 15 million. The company also reported gains of 9.9 percent in ticketing and a gain of 41.9 percent in e-commerce, which helped the company post a net profit of $51.7 million.

“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 Live Nation president and CEO Michael Rapino in the article.

“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.”

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