Live music conglom Live Nation has reported a third-quarter net income of $139.9 million, which is up from a profit of $46.1 million in the same quarter last year. So, well done them. The profit boost was aided by higher concert attendance, some profitable sponsorship deals and the sale of the company's motor sports division.
Delivering his figures to investors, Live Nation top man Michael Rapino said he was optimistic about the future of the live music sector despite the credit crunch: "The concert industry continued to grow during the third quarter in spite of the economic downturn. We are carefully monitoring attendance trends, given the recession but thus far we have not seen any major impact".