The company reported a second-quarter net income of $1.2m (?0.62m), down from $9.9m (?5.14m) in Q2 2007, while revenue was up some $173.5m (?90.14m) over the previous year at $1.16bn (?602.3m).

The company's president and chief executive officer Michael Rapino says that the live business remains strong and the fundamentals of the business continue to improve.

"Despite the economy, our business achieved growth during the quarter in the number of concerts, ticket sales and the per fan revenue/spend," he adds. ...