Live Nation: ‘We expect shows at scale next summer’

Live Nation: ‘We expect shows at scale next summer’

With next to no concerts taking place globally, Live Nation reported a 95.1% drop in revenue, from US$3.77 billion (in Q3 2019) to US$184 million, in the third quarter of 2020 (June–September), the second full financial quarter of the Covid-19 pandemic.

Speaking to investors and analysts on 5 November, LN CEO Michael Rapino said while there have “been no major changes in our business conditions or outlook since the last time we spoke”, he is encouraged by the small number of fans who have returned tickets for refunds, as well as strong festival onsales for next summer, including for EDC Las Vegas, which sold out 2021 in 24 hours.

“Meanwhile, we are working on a roadmap to get back to live safely,” he continued. “We are encouraged by progress on testing technology treatments and vaccines which will help us build our plans.”

And he continued “we expect shows at scale next summer”, although he concedes that the “exact timeline of this return will vary by region, and so we continue to focus on remaining flexible.”

Looking to the future, Rapino says it is clear that “the path to live will not be a straight line”. That’s why, he says, Live Nation “will maintain flexibility and focus on innovating” until the long-awaited return of live music.

We are working on a roadmap to get back to live safely”