Live Nation says ticket sales down 12 percent
LOS ANGELES (AP) - Concert promotion giant Live Nation Entertainment says ticket sales for the Top 100 bands are down 12 percent in the first half of the year. It expects sales to fall further in the second half.
Chief Executive Michael Rapino told investors in New York that the weak economy has taken its toll on the concert industry.
The company says a further 15 percent drop for the Top 100 tours could occur in the second half.
Adjusted operating income for 2010 is seen at $405 million, down from $445 million last year, despite the benefits of its merger this year with Ticketmaster Entertainment.
A rash of cancellations from bands has also hurt sales. U2’s postponement of its tour until next year will cost the company $6 million this year.