$6.4 billion year for HOB parent

(Above) Country artist Blake Shelton performs at a concert promoted by Live Nation Entertainment, owner of 13 House of Blues venues, including the one at Marina City.

27-Feb-14 – 60 million concertgoers helped give Live Nation Entertainment its best year ever.

The world’s largest provider of live entertainment – and parent company of House of Blues, including the venue in River North – says its fan base increased last year by ten million people.

The company took in $6.4 billion, an eleven percent increase from 2012. Net income was $139.7 million, an improvement over the $21.6 million loss suffered the year before.

Most of Live Nation’s growth was in concerts, which, according to its president and CEO, is not as profitable as selling concert sponsorships and on-site advertising.

During a conference call with stock analysts on Monday, Michael Rapino said live concerts are the “flywheel” of the company, perhaps lower-profit-margin but attracting people to the higher-margin businesses.

“Live is not ‘duplicatable’ and new social platforms have enabled fans around the globe to get close to their favorite artists,” said Rapino (left). “Fans in every corner of the globe can discover, follow, share, and embrace artists, translating into greater demand for tours in our markets because nothing compares to seeing your favorite artist live.”

According to Rapino, 21 of the continent’s top 25 grossing tours – artists such as P!nk, Rihanna, and Maroon 5 – perform at Live Nation shows.

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