Rapino

"It was a depressing year," Live Nation Chief Executive Michael Rapino said during a conference call with analysts Monday.

Live Nation's Loss Widens Ethan Smith 2011

"The pullback was price driven and not a systemic issue," Mr. Rapino said.

Live Nation's Loss Widens Ethan Smith 2011

"The ticket's worth zero at midnight," said Live Nation CEO Michael Rapino in an interview.

Live Nation, Groupon in Deal Ethan Smith 2011

In the conference call, Mr. Rapino said that many music fans had been turned off by ticket prices.

Live Nation's Loss Widens Ethan Smith 2011

Mr. Rapino said that in addition to simply increasing sales through lower prices, he views Groupon Live as a potentially effective way to get the word out about concerts.

Live Nation, Groupon in Deal Ethan Smith 2011

Artists will have veto power over whether their tickets are put up for sale on the discount site, Mr. Rapino said.

Live Nation, Groupon in Deal Ethan Smith 2011

"This business is an art, not a science," said Mr. Rapino.

Live Nation, Groupon in Deal Ethan Smith 2011

It just so happens that Mr. Bebon's friend of 20 years is Michael Rapino, the CEO of Live Nation.

Finishing the Season on a Generous Note Marshall Heyman 2011

Terms of the joint venture weren't disclosed, but Mr. Rapino said it would be funded equally by Live Nation and Groupon.

Live Nation, Groupon in Deal Ethan Smith 2011

But not all the offers will necessarily be discounts, Mr. Rapino added.

Live Nation, Groupon in Deal Ethan Smith 2011