For the past six months, we’ve been hit with worsening economic news week after week. Whether it's unemployment, manufacturing output, or GDP growth, business news has been like watching a car crash in slow-motion and we’re still witnessing crumpling metal, shattering glass, and the painful screeching of tires on tarmac. Nevertheless, in the midst of this ugly, shocking scene, there is a bright spot: Ticketmaster lost $1 billion in the last quarter of 2008 -- heehee!
The company’s share price has fallen from $20, when it spun off from IAC/InterActiveCorp, to March 19's price of $4.09. Consequently, Ticketmaster had to take an impairment charge to account for its falling share price, resulting in this billion dollar loss. Additionally, the organization’s fourth-quarter revenue was down 4% from the previous year, thanks to the struggling economy, Live Nation’s launch of its own ticketing platform in January, and a dearth of high-profile tours compared to the same period a year prior.
For a company who screws the artists, their fans, uses personal information aggressively, and wants to monopolize the entire market for tours and events with Live Nation, forgive me if I don’t look on in glee at this particular economic car crash. The gnashing of bodywork is oh so sweet!
