Friday, 1 March 2013

Live Nation losses widen

Live Nation year end financial results show that losses for the year were up, from $83 million to $163.2 million. Declines in the European market and from artist management related revenues contributed to the widening losses - as well as costs related to the departure of Frontline founder Irving Azoff - with $5.5 million in costs directly relating to his exiting and another $62.7 million in write-downs on the talent division he led. CEO Michael Rapino remained upbeat, saying an overhaul of the company's Ticketmaster platform, an expanded festivals business and new ventures in Asia and Latin America provided great opportunities for future growth.

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