Losses at Live Nation Entertainment grew in the first quarter as concert attendance slipped 3 percent and the company continued to book costs related to the recent merger with Ticketmaster.
The company said Monday that its net loss in the January-March period grew to $112 million, or 76 cents per share. That compares with a loss of $103 million, or $1.29 per share, a year earlier.
Revenue grew 49 percent to $723 million, mainly by adding the two companies together.
Chief Executive Michael Rapino said in a statement that the company is on track to save $40 million this year as it reaps the benefits of joining forces.
The concert promoter, artist manager, venue owner and now ticketing company completed its merger Jan. 25 after a yearlong antitrust review. The results included Ticketmaster’s operations from the merger date on.
Concert attendance fell to 6.8 million from 7.1 million a year ago, while the total spending per concertgoer grew 2 percent to $59.71 from $58.57.
Shares fell 11 cents to $14.71 in after-hours trading, after closing up $1.02, or 7.4 percent, at $14.82.