The shock exit of former Live Nation chairman Irving Azoff cost the music giant no less than $5.5million, with 26 staff and 12 artists following the exec out the door.

According to Live Nation’s full-year financial results for 2012/2013, the company saw an overall increase in revenues of 8.1% to $5.2m, but net losses across the company nearly doubled to $163 million.

Half of those losses were made up by Artist Nation, the management arm previously overseen by Azoff, ...