LOS ANGELES (AP) — Concert promotion giant Live Nation Entertainment Inc. said Thursday that ticket sales for the Top 100 bands are down 12 percent in the first half of the year, and sales will likely fall further in the second half. Shares of the company plunged.
Shares dropped $1.84, or 16 percent, to $9.59 in afternoon trading Thursday. That's the lowest point since before Jan. 25, the day it announced it had consummated its merger with Ticketmaster Entertainment following approval by the U.S. Justice Department.
Chief Executive Michael Rapino told investors in New York that the weak economy has taken its toll on the concert industry.
But even he appeared surprised at the massive sell-off his presentation had caused.
"We had a real buzz kill at about Slide 9 when I saw the e-mails go out," he said.
Executive Chairman Irving Azoff, who presented via video conference, chided investors for the sell-off.
"I'm hoping that what I'm seeing as all you guys e-mail back to your offices to dump the stock isn't indicative of the fact that we have a group of investors that are so shortsighted," Irving said.
The company said a further 15 percent drop in concert ticket sales for the Top 100 tours could occur in the second half.
Adjusted operating income for 2010 is expected at $405 million, down from $445 million last year, despite the benefits of its merger this year with Ticketmaster.
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.
Copyright 2010 The Associated Press.
Your living room often becomes your work space if you work from home. If you have kids, the house can be even more chaotic. Well now, more women are able to take 10-15 steps out of their home and into their "she shed."
Around 60,000 passengers are expected to pass through San Diego's Lindbergh Field daily during the upcoming holiday weekend.
Thanksgiving meals were provided to the needy around San Diego County Wednesday, one day ahead of the holiday.
A pedestrian was killed Wednesday night in a hit-and-run crash in the Mountain View section of San Diego and police detained the driver, who fled the scene on foot after the vehicle struck a house.
U.S. and Japanese ships and aircraft were searching in the Philippine Sea on Thursday for three sailors missing since a U.S. Navy aircraft crashed a day earlier.
A decomposing body found inside a 55-gallon barrel that was floating in the San Diego Bay last month has been identified.
The always-heated topic of whether to begin holiday shopping on Thanksgiving Day will be raised again Thursday, as many chain stores will open their doors around San Diego one day before the so-called "Black Friday."
Temperature records were smashed across San Diego County Wednesday as the region hit the expected peak of a mini heat wave.
Ramona may be known for its horses and country living, but this Thanksgiving the town is reclaiming an old title.
The site of the blaze was the subject of a contested vote just last week in which the Escondido City Council voted 3-2 to approve a housing project, "The Villages," which would see 380 new homes built on the 109 acres of the abandoned golf course and country club.