Ticketmaster profit drops as concert admissions fall

Ticketmaster Entertainment Inc., the ticket seller planning to merge with concert promoter Live Nation Inc., said Tuesday that first-quarter profit fell 78% after a drop in the number of tickets sold.

Net income declined to $7.25 million, or 12 cents a share, from $32.7 million, or 58 cents, a year earlier, West Hollywood-based Ticketmaster said. Sales rose 7.1% to $373.8 million, buoyed by an acquisition.

Ticket volume fell 8%, reflecting the Dec. 31 expiration of Ticketmaster’s contract to handle admissions for Live Nation events.

Profit excluding certain items was 21 cents a share, exceeding estimates of 18 cents and 16 cents, respectively, by analysts at Thomas Weisel Partners and Citigroup Inc.

Ticketing revenue in the quarter declined 2.9% to $339 million. Ticket volume declined in all categories, including concerts, sports, arts and theater and family events.

Front Line Management, the artist management company started by Chief Executive Irving Azoff, generated $34.8 million in sales, up 26% from last year. Ticketmaster bought control of the firm for $123 million in October and named Azoff chief executive.

Live Nation reported a loss of $103.2 million on May 7 after concert attendance fell.

Ticketmaster shares rose 16 cents, or 2.4%, to $6.82.