Concert promoter Live Nation Entertainment Inc. said Thursday that its third-quarter net income inched up 1 percent though revenue from selling concert tickets fell. The company's overall revenue fell short of analyst expectations.
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In North America, concert attendance dipped 4 percent to 12.3 million. Overall, concert attendance fell 6 percent to 15.6 million. The company sold more tickets than in the year-ago quarter, however: 34.9 million, compared with 32.6 million in 2010. The company held about 5,271 events during the quarter, up from 4,929 a year earlier.
For the quarter that ended Sept. 30, Live Nation earned $51.7 million, or 27 cents per share, compared with $51.0 million, or 30 cents per share, in the year-ago quarter.
The company's per-share earnings were calculated using a larger amount of shares in the most recent quarter.
Revenue fell nearly 3 percent to $1.79 billion, missing the average estimate for $1.90 billion from analysts polled by FactSet.
The company's concert revenue, which makes up the bulk of its proceeds, fell 7 percent to $1.28 billion. Ticket revenue, which comes from the Ticketmaster subsidiary that it merged with last year, climbed 10 percent to $287 million. Revenue from managing artists, selling items online and selling sponsorships to events rose as well.