Revenue / 08.12.20
Live Nation Revenue Wiped Out By COVID; CEO Michael Rapino Sees Live Events in Full Swing Next Summer
Deadline (08/05/2020) Goldsmith, Jill
Although Live Nation saw revenue plunge 98% last quarter, CEO Michael Rapino can only look ahead. Rapino expects live events to “return at scale in the summer of 2021,” including ticket sales ramping up in the months leading up to the summer shows. Eighty-six percent of fans opted to keep tickets for rescheduled shows, and two-thirds of fans are keeping tickets for canceled festivals and planning to attend next year’s show. Between keeping tickets for rescheduled shows and festival sales, Live Nation said it’s already sold 19 million tickets to over 4,000 concerts and festivals scheduled for 2021. Rapino is confident in Live Nation’s future. “Over the past three months, our top priority has been strengthening our financial position to ensure that we have the liquidity and flexibility to get through an extended period with no live events,” he says.
Read the full story from Deadline.
Tags: Music , News , Venues , COVID-19 , Coronavirus