- Black Friday at Best Buy
- Facebook's Biggest-Ever Holiday Shopping Season
- Facebook's New Dual Class Structure - Slow Steps to an IPO
- Can Murdoch Help Bing Challenge Google and Shift the Content Equation?
- Twilight, Inc., A Worldwide Craze
- Oprah to Leave Syndication in 2011
- Sony's E-Reader Shortage and the Digital Book Battle
- Salesforce.com Brings Facebook and Twitter's Social Capabilities to Businesses
- Sumner Redstone's Companies Face Off Yet Again
- Can YouTube Revolutionize Citizen Journalism?
- Black Friday at Best Buy
- Facebook's Biggest-Ever Holiday Shopping Season
- Facebook's New Dual Class Structure - Slow Steps to an IPO
- Can Murdoch Help Bing Challenge Google and Shift the Content Equation?
- Twilight, Inc., A Worldwide Craze
- Oprah to Leave Syndication in 2011
- Sony's E-Reader Shortage and the Digital Book Battle
- Salesforce.com Brings Facebook and Twitter's Social Capabilities to Businesses
- Sumner Redstone's Companies Face Off Yet Again
- Can YouTube Revolutionize Citizen Journalism?
RSS FEED
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
- Abu Dhabi Will Aid Debt-Fraught Dubai 'Case by Case'
- Banks With The Biggest Exposure to The UAE
- Dubai's Debt Woes Signal New Era for Creditors
- Next Week: Cash In Now Or Wait For A Santa Rally?
- Dubai Stock Selloff May Bring Buying Opportunity
- Longer Lines, Fuller Carts This Black Friday
- Big US Banks May Be Forced to Raise Capital: Bove
- Bank of America Amends Pay for Senior Executives
- Tiger Woods Out of Hospital After Accident
Media Money
The pullback in consumer spending hasn't yet hurt the concert business. Live Nation put on 17 percent more concerts in the past quarter and concert attendance rose 5.7 percent. Live Nation [LYV
Loading...
()
] the nation's largest concert promoter reported strong earnings after the bell—its third quarter profit more than tripled to $139.9 million, on strong performance, the gain from selling its motor sports division and a tax benefit.
Looking just at continuing op[operations, earnings were $1.41 per share, up from 55 cents per share in the year-ago period. Revenue was up nine percent from the year ago period to $1.59 billion, but a bit less than analysts expected.
Still, Live Nation stock traded down in Friday's trading—finishing the day down more than 10 percent. Investors are clearly concerned that the downturn in consumer spending means the concert business will fall off a cliff. I had an exclusive interview with Live Nation CEO Michael Rapino who is more optimistic.
By Live Nation's estimates, the average concert-goer goes to about one and a half concerts a year. They are determined to see their favorite performers and they make it a special occasion, and a priority. Rapino cited Thursday night's Madonna concert in Los Angeles, which was packed, and Coldplay and AC/DC tickets selling out quickly.
The big test for Live Nation will come next year when it breaks off from Ticketmaster, currently its partner, and becomes Ticketmaster's competitor, selling tickets itself and attempting to change the concert ticket landscape. Live Nation is slowly accumulating exclusive deals with different concert venues, including last month, the Roseland ballroom in New York. And the real question is whether a vertical model for the music business makes sense—Live Nation has deals with big stars including Madonna, U-2 and Jay-Z to handle all their business from concert tours to recording. We'll see if this approach to the music industry can flourish despite the fact that traditional music sales have been tanking.
Economic Downturn
Questions? Comments?








