Live Nation Stock Ends Week Down 20%
Live Nation's stock fell another 11.78% today down $1.20 to close at $8.99. Today's drop contributed to a 20.23% overall decline in the stock 's price for the week. Most of the fall came in the last two days after company executives admitted that this summer and the last quarter of the year would end with a 10-15% decline in ticket sales for it's top concerts.
Company President Michael Rapino promised aggressive cost cutting in September, which many believe will include major reductions to their already stretched staff and a decline in the number of club and smaller shows that the company does each year. Executives also acknowledged fan dissatisfaction with high ticket prices and even higher ticketing fees and vowed to work with artist to improve both.
Meanwhile the broader market closed the day mixed with the Dow down just 2.52%