Live Nation Q3: Sponsorship Revenue Down 2.8%

Live Nation's quarterly results are out and they aren't great. Reporting lower than expected summer sales, net income fell to $51.4 million, or 30 cents per share, from $69.2 million, or 78 cents per share, a year earlier. Number of sponsors and overall sponsorship revenue both decreased by 10.6% and 2.8%, respectively. Revenue per sponsor was up 8.5% however, indicating that while the company may have slimmed its partner roster, it seems to be maintaining pricing power on the sponsorship inventory it sells.