Live Nation Sold 422,000 Offers via Groupon in Q2
Live Nation Entertainment — the merged ticketing, promotions and agency conglomerate formed from Ticketmaster, Live Nation and Front Line Management — reports that it sold more than 422,000 offers via Groupon in the second quarter.
The partnership with Groupon, said President and CEO Michael Rapino in the company’s earnings call Monday, has helped Live Nation target event goers in cities where shows need a little last-minute help in the ticket sales department. “It’s been a very easy sell,” he said.
GrouponLive — not to be confused with Groupon’s real time location-based deals service called Groupon Now — is a joint initiative between Groupon and Live Nation to distribute discounted tickets to concerts and sporting events in specific markets.
Rapino said the company placed more than 1,200 different offers via GrouponLive and is pleased with initial results, explaining that Groupon’s targeting capabilities are helping Live Nation sell to problem markets.
The company also claimed that artists and label executives — industry types not usually pleased with last-minute discount offers — have bought into the program and appreciate the alignment with the currently in vogue Groupon.
Live Nation exceeded expectations for the quarter; it reported $1.6 billion in revenue — up 20% from revenue in the same quarter last year — and a net income of $13.3 million for the second quarter ending June 30, 2011. Rapino said that the global ticketing business has stabilized and attributed improved profitability in concerts, advertising growth and increased ticket sales to Live Nation’s stronger-than-expected quarter.
In another social media promotion play, Rapino said Live Nation will soon integrate venue seat maps with Facebook.
Update: This article has been change to reflect that Live Nation has sold 422,000 offers, not tickets, via Groupon.
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