Live Nation reported its Q2 2009 earnings on Thursday afternoon while Warner Music Group started the day with its fiscal Q3 2009 earnings call. Both companies posted net losses as they scale back acquisitions and capital expenditures, manage costs and further diversify revenue.

Notable points from Live Nation's call (click here for transcript at Seeking Alpha).
- "No Service Fee Wednesdays" resulted in 500,000 ticket sales in the Q2, 600,000 overall. Rapino claimed an "exceptionally low" cannibalization rate on those Wednesday ticket purchases.
- The company's in-house ticketing system sold 4.3 million tickets in Q2.
- Total number of global events down 2%. North America down 11%, roughly same as entire industry.
- Artist expectations have not changed. Cost of talent has remained fairly flat.
- Number of sponsors down 7.5% but revenue even at $45.1 million. Sponsorship numbers are better for six-month period.
- Have sold 9.1 million tickes to date through LiveNation.com through its ticketing platform by CTS. 6.6 million uniques in June at LiveNation.com, up 61% year over year.
- There were big hits from foreign exchange movements in Q2. If not for those changes, comps would have been a bit better.
- To get debt off its balance sheet and build its cash reserves, the company wants to sell-off remaining non-core assets and will decrease capital expenditures in 2009 by 70%.
- Rapino says he does not see festivals as a growth opportunity in North America
- Still optimistic and confident merger with TM will be approved in Q4.
- Per-fan spending in Q2 was $78.16, down from $81.82 last year. In constant currency basis, per-fan spending in Q2 would have been $84.82.

Notable points from Warner Music Group's call (click here for transcript at Seeking Alpha).
- Variable pricing for digital downloads is showing good results. It has improved revenue and profitability. WMG is pleased to have the option to price up and down.
- WMG does not see a major transformation in physical product ahead. A number of titles in Blu-Ray audio, but its not clear consumers can appreciate the difference. They will continue to put out those releases but they're not planning on it gaining much traction.
- Multi-rights deals have come to a tipping point as they account for over half of artists under contract.
- Mechanical revenue dropped 20% due mainly to the fall of the CD.
- Regulatory environment probably open to greater consolidation but probably not so much in publishing. Company is available to continue to cut costs in the event there is no consolidation in the future.
- Real progress is being made with ISPs. Noted South Koreas anti-piracy plans. WMG applauds work to protect intellectual property and wants this progress to continue to the U.S.
- No plan to return to a quarterly dividend, which was suspended in 2008.


Follow Billboard senior analyst Glenn Peoples on Twitter at twitter.com/billboardglenn.