So remember we were all crying about Ticketmasterbator and woe is us all the fees fees fees fees?
Yeah, here goes Live Nation reporting net loss of TRIPLE due to horrific concert attendance. Now we can say its cuz music today blows but thats not it. There are plenty of huge names out there and the stadiums are loud. Hell even LCD sold out MSG, PDQ..fyi… meh
Here’s the financial info
“The annual net loss through Dec. 31 hit $228 million, or $1.39 per share, from $60 million, or 73 cents per share, a year ago.
The company did not break out the quarterly loss. But its cumulative net loss over nine months through September was $95 million. With 164 million shares outstanding, that amounts to 58 cents per share.
Revenue in the quarter fell 2 percent to $1.24 billion and was down 9 percent for the year at $5.06 billion.
Analysts surveyed by FactSet expected Live Nation to post a quarterly adjusted loss of 17 cents on revenue of $1.12 billion.
For the full year, analysts expected revenue of $4.95 billion.”
In a nutshell, sales suck. CEO Michael Rapino stated he felt that 2011 was starting strong and that the company would rebound with tightened cost reductions and management.
I say the end is near, these mega shows are gonna fall fewer and further between as bands and fans explore options to cut out the fat cat. So cool to watch this unfold..