Live Nation Loses $100 million, Concert Attendance Declines

Global ticket sales rose 8 percent in 2008, but Live Nation’s earnings report for the first quarter of 2009 showed losses of $102.7 million. In the UK, live music sales surpassed recorded music, yet Live Nation reports a 22 percent drop in attendance of live shows.

The anticipation that live performances would continue to grow in sales, or even try to compensate for losses in physical sales is deeply shaken. Live Nation President and CEO Michael Rapino doesn’t think there’s a problem:

“Our first quarter results were in line with our plan and, despite challenging economic times, fans are buying concert tickets at a healthy pace.”

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U.S. Senator Proposes Ticket Law Against Resellers

On Sunday, U.S. Senator Charles Schumer proposed a law that would give ticket buyers a two-day waiting period before ticket resellers, like TicketsNow, can buy everything up and raise the prices. After an outburst from fans and artists against fraudulent practices in the resale market, it appears as though the government is responding to consumer worries. Read more...

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Ticketmaster Loses $1.07 Billion in Last Quarter of 2008

The meteoric dive of the music industry is showing no signs of slowing down. March 19, Ticketmaster posted a loss of $1.07 billion for the last three months of 2008. The monopolistic merger between Ticketmaster and Live Nation and the resulting controversy over outrageous ticket prices forced upon concertgoers, makes the company’s failure seem fitting. Read more...

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Van Halen, Seal, Billy Corgan Support Live Nation Ticket Merger

Unlike Bruce Springsteen, music stars Eddie Van Halen, Seal and Billy Corgan are in favor of the merger between Ticket Master and Live Nation. It might come as a surprise, but the artists actually sent letters to Congress expressing their support of the deal, and their belief that the merger can help the artist-to-fan relationship. Read more...

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