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Business News Deals Live Business
Live Nation sees losses decline, confirms Japanese JV
By CMU Editorial | Published on Friday 24 February 2012
Live Nation made another loss in 2011, but revenues were up and losses were narrower than in 2010. Despite being in profit at one point during the year, the live music conglom confirmed yesterday that by the end of 2011 they had made losses of $83 million on revenues of $5.38 billion.
But compared to losses of $228.4 million on revenues of $5.06 billion in 2010, the latest year end figures, revealed yesterday, were a definite improvement, and fitted in with previous comments by Live Nation chiefs, that after a very wobbly 2010 – especially in the US market – the company turned round its fortunes last year, even though trading conditions remained tough.
Looking ahead, Live Nation CEO Michael Rapino said 2012 was shaping up to be a good year, especially in the festivals sector, and that big tours by the likes of Madonna, Bruce Springsteen and Dave Matthews will provide a boost. Rapino reckoned there should be a “low single digit” percentage increase in overall ticket sales this year, though overall ticket revenues would probably be more or less the same as in 2011.
Live Nation also yesterday confirmed its previously reported alliance with Japanese live firm Creativeman Productions to create Live Nation Japan. Rapino said: “We are very pleased to announce Live Nation’s entry into Japan and to have such a credible partner as Creativeman, which has a long and proven track record of promoting major artists as well as developing highly successful festivals. Expanding our presence in Asia reflects our commitment to growing our business internationally in a region that is becoming increasingly important for touring artists”.
