LYV Reports Strong Q2, Latin America Plans

On a per-share basis, the company reported net income of $0.06, matching expectations of analysts surveyed by Zacks, which also forecast revenue of $1.72 billion.

Of interest from an industry perspective, however, is the news that Live Nation will not renew its contracts with Latin American promoters Time 4 Fun and CIE.

“We’ll take our content and build our market there,” Live Nation CEO Michael Rapino said during a conference call. “Whether through acquisitions or startup, we’ll build our own platform.”

He can add that to the 700 shows and 2 million fans brought in with the recent formation of Live Nation Concerts Germany with Marek Lieberberg, which Rapino said should to be “up to speed” by 2017, with the “vast majority” of operations coming online next year.

Describing Ticketmaster’s previous market in Germany as “negative to zero,” the deal will bring German ticketing to Ticketmaster and open up sponsorship opportunities that didn’t exist previously, Rapino said.

Live Nation has sold roughly 75 percent of its projected tickets for the year, and is pacing 7 percent ahead of 2014 ticket sales, Rapino said. Year-on-year attendance is also on the rise, Rapino added, with more than 1 million fans going through turnstiles in the second quarter than in the same period last year.

The strong quarterly results appear to have been a hit with investors, as Live Nation shares rose 2.9 percent to $26.50 in after-hours trading.