Live Nation Inc. after Thursday's market close reported lower second quarter net income on higher costs, but beat Wall Street expectations as the world's largest concert promoter saw increases in ticket sales, the number of events and revenue per attendee.

The Los Angeles-based event promoter reported net income fell 88 percent to $1.2 million, or 2 cents share, as revenue jumped 18 percent to $1.16 billion. Analysts polled by Thomson Reuters had expected a 20 cent per share loss on revenue of $1.05 billion.

North American music, the company's largest segment, saw 33 percent revenue growth to $620 million. The number of live events in the quarter rose 42 percent to 5,848. Total attendance jumped 14 percent, with total revenue per attendee up 6 percent to $82.18.

The company cited costs related to a new ticket service for lower profit in the quarter. Chief Executive Michael Rapino said the company was on track to launch its own ticketing business in 2009 after it ends a long-term partnership with Ticketmaster. The company plans to spend $15 million this year on a new high tech system.

The company also has expenses from its expansion into "360 deals" with artists such as Jay-Z and Madonna, in which the promoter makes upfront payments to the performer in exchange for a cut from everything from recorded-music sales to image licensing.

After closing down 55 cents, or 4 percent, to $12.62 on the New York Stock Exchange before the earnings report, Live Nation shares rose 18 cents in after-hours trading.

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