By Martin James Friday, December 30th, 2011
Live Nation is one of the most powerful entities in entertainment. Since it's merger with Ticketmaster, it has become the foremost brand in concerts and promotion, as well as providing managerial services for some of the biggest artists in the business--ranging from Jay-Z to Madonna. CEO Michael Rapino steered the company through the turbulent waters of 2010 and in 2011, once again put Live Nation on the fast track to success.
Live Nation partnered with coupon site Groupon, and in 2011, the new partnership yielded its greatest returns in June and July, when it sold 600,000 tickets. 422,000 of those tickets were sold to events put on by Live Nation or its Ticketmaster subsidiary.
The company was once again listed among the Fortune 500 and throughout the summer, Live Nation concert attendance was up 6 percent at 13 million worldwide. This turnabout was significant in that the company was reporting losses in February. Rapino bold business savvy helped Live Nation make it through that uncertainty.
"A promoter needs to be in the e-commerce ticketing business. In a fundamental, sense the promoter's job is to buy a show and go and market and sell the tickets," Rapino said. "If we're charged to be the greatest marketer and seller of concert tickets then we need to control that mechanism."