Ticketmaster Entertainment Inc posted a 70% slump in second-quarter profit, hurt by lower ticketing revenue, especially in the concerts category.

The company, which is in a protracted merger with world's largest concert promoter Live Nation Inc., earned $6.9 million, or 12 cents a share, compared with $23 million, or 41 cents a share, a year ago.

Revenue fell 7 percent to $355.1 million. Ticketing revenue fell 18 percent to $311.9 million due to an 11 percent decrease in the number of tickets sold.

Ticketing revenue from the concerts category had the largest volume decline as the company's principal ticketing agreement with concert promoter Live Nation expired.

Excluding items, the company earned 20 cents a share.

Analysts, on average were expecting Ticketmaster to earn 24 cents a share, before items, on revenue of $396.2 million, according to Reuters Estimates.

Shares of the West Hollywood, California-based company closed at $9.77 Thursday on Nasdaq.

Questions? Comments? Let us know: @billboardbiz

Print