By Alfred Branch, Jr.
Shares of Live Nation stock dropped more than 6 percent today to close at $17.57, a decrease of $1.14. The stock trades under the symbol LYV.
Specific reasons for the dip are speculative, but the move could signal a softening of the live concert business, despite several high profile tours this summer, such as the successful Police reunion tour.
Much of the concert business is in flux due to more artists looking to tour as CD sales continue to slide and primary and secondary ticketers battle with performers over who will profit from shows. . .
Last week, Live Nation named concert industry veteran Kevin Morrow president of Live Nation New York, replacing Bruce Moran who was tapped to head up the company’s new Latin American Division.
The company also announced it will release its second quarter financial results Thursday, August 9, and it is hoping to avoid a similar earnings report such as that of Ticketmaster’s parent IAC/InterActiveCorp., which missed analyst projections.