Revenue / 11.05.18
Live Nation Announced Record Earnings in Third Quarter
Los Angeles Business Journal (11/05/18) Blake, Matthew
Live Nation Entertainment's earnings for the third quarter of 2018 was a record $3.8 billion, an 11 percent gain from last year that marked "the best quarter ever," according to the company. Live Nation also posted a 16 percent year-over-year increase in quarterly operating income to $234 million. Global demand for concerts and a doubling in revenue from sponsors were credited for the spike. Meanwhile, Pollstar estimated that Live Nation owns approximately 60 percent of the U.S. concert promotion industry, and 80 percent of the national primary ticketing industry. The company is facing a new federal lawsuit concerning its share of the secondary ticket market, with allegations of engaging in unfair business practices by encouraging scalpers to purchase and resell tickets in bulk; Live Nation's Ticketmaster subsidiary can then collect a fee on the original sale in addition to the resale of the ticket. Live Nation also has been solicited to take part in a Federal Trade Commission workshop this spring on the ticketing industry, preceded by a federal audit on Ticketmaster's consumer fees.
Read the full story on the Los Angeles Business Journal website.
Tags: Reselling, News, Secondary Ticketing, Consumer Behavior