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U.S. markets recover from steep losses
NEW YORK, June 21 (UPI) -- Tour cancellations and a drop in audience demand has given U.S. ticket-seller Live Nation a reputation of inconsistency, industry observers said.
"Everybody recognizes there is a problem. The biggest problem is that everybody (concert venues, promoters and musicians) makes their prices individually," Gary Bongiovanni, editor-in-chief of Pollstar, was quoted as saying in Monday's New York Post.
An unnamed Wall Street analyst said, "Investors are frustrated with Live Nation because of the inconsistency in the numbers."
Others called it simply a tough year in which the concert market seemed saturated with high-priced tours.
As the summer neared, U2, Christina Aguilera and The Eagles canceled concerts. Most recently, Simon and Garfunkel canceled a tour due to a health issue affecting Art Garfunkel's voice.
Live Nation said the number of cancellations was average but it would suspend its $13-per-ticket fee temporarily, with ticket prices now averaging $69, the newspaper said.
The problems are likely temporary, EMI Chief Executive Officer Roger Faxon said.
"There are years when there's a lot of major artists touring and a lot of demand and there are years when it's not that much. We're probably in that," he said.
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