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Business News Live Business
Ticketmaster and Live Nation release financials
By CMU Editorial | Published on Tuesday 10 November 2009
Merger hopefuls Ticketmaster and Live Nation both released their latest financial reports yesterday, for the third quarter.
Ticketmaster’s revenues were up 3%, despite a continued slide in ticket sales revenue. That was possible thanks to the ticketing giant’s artist management division, which generated $56.4 million in the quarter.
Ironically a chunk of the decline in Ticketmaster’s ticketing revenues was as a result of Live Nation taking a lot of its ticketing, previously provided by Ticketmaster, in-house. Live Nation finally ended its long standing client relationship with Ticketmaster just weeks before the two companies announced their intent to merge.
Live Nation also saw its revenues rise, by 13.8%, but net income was down. Nevertheless, financial types seem to be happy with the company’s performance, which is stable.
The two live music giants are, of course, waiting for approval from both the UK and US competition authorities before merging.
