The Beverly Hills-based concert promoter, management firm and ticketing company saw revenue fall 9 percent from 2009 to 2010
Live Nation Entertainment had a very bad 2010.
The company sold about 7.5 percent fewer tickets than it did in 2009, had its concert category tumble by 10 percent and saw revenue decline by 9 percent, it announced Monday.
The Beverly Hills-based company posted a fourth-quarter operating loss of $86.1 million, compared to $29.7 million in the last quarter of 2009. Quarterly revenue dropped 2 percent to $1.24 billion.
Revenue for the year fell 9 percent, to $5 billion.
The company's adjusted operating income, which excludes acquisition expenses, stock-based compensation expense and other items declined 35 percent in the fourth quarter, to $56.8 million. For the year, cash flow fell by 15 percent, to nearly $363 million.
On January 25, 2010, Live Nation merged with Ticketmaster.
In a written statement, the company's president and CEO said, "During the past year, we completed the merger and integration of the world's leading live entertainment, ticketing and artist management business." Michael Rapino continued, "We have entered 2011 with the strategic benefit of our combined operations focused on executing our plan to maximize ticket sales and improve our operating performance."
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