LOS ANGELES--loss of Live Nation Entertainment Inc. narrowed in the first three months of the year as the organizer of concerts stimulated through price reductions concert ticket sales.
But the Chief Executive Michael Rapino, stated Thursday and there were a few "softness" in the sale of tickets in April business suite for artists a list such as Lady Gaga, U2 and Prince, a concern heading into the very important concert season.
"There are some recent softness from mid-April, but it is too early to determine how the main summer months will end in view of the economy, the price of gasoline and other consumer pressures," he said.
After a season of disastrous concerts last year, analysts had hoped improvements would be more clear now.
"Definitely the ticketing segment was far interpreter standout here, said analyst Standard and Poor Tuna Amobi actions." The big uncertainty is the summer season. I do not think that the company really had much visibility. I would have hoped for visibility much more because we're getting very close. ?
The company, which merged with Ticketmaster last year, said its net loss in the first quarter fell to $ 48.5 million, or 27 cents per share, a loss of $ 122 million, or 83 cents per sharea year ago.
Revenues increased by 17% to 849 million of $ 723 million a year ago. Sales increased only 6 per cent if Ticketmaster back to before the merger on January 25, 2010 had been included in the quarter of the previous year.
Still, sales beat 757 million expected by analysts surveyed by FactSet.
Ticket sales volumes increased by 13 percent, while revenues have increased by 10 per cent of the concert - indicates that the price of the tickets have been helping drive. The increase of concert revenues, to $ 449 million, would be smaller had included revenues Ticketmaster merger last year.
Rapino said more artists than trying to arrière-ligne seats may attend fans therefore more expensive, something which helped Prince book shows more in Los Angeles.
"We are charging $25 for tickets for 85 percent of the House and instead five nights in Los Angeles, he will end up making 21 nights," said Rapino.
He also said that Live Nation is booking hundreds less shows in its amphitheatres this summer, so it will not have to resort to rebates from the sale of fire, as it did the previous year. Volumes of tickets should be down on the semi-covered on sites a million tickets, or 11%, from last year, but operating revenues will increase by approximately $ 10 million by the emission of deficit reductionHe said.
Shares of Live Nation closed up 2 cents at $10.87 until the earnings were released. They have not varied in extended trade.
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