Live Nation just announced Q1 2020 financial results. Their quarterly revenue was down by 20% to $1.37B, and as a result, the company has faced budget cuts while all their executives and staff have seen a reduction in salaries as well. However, Live Nation is rolling with the punches as they plan their next steps.
Michael Rapino, the president and CEO of Live Nation Entertainment, outlined their future plans. The company will work closely with the state and federal government to reopen business across different markets. Rapino stated that over 90% of fans globally are holding onto their tickets for rescheduled shows rather than requesting refunds.
This shows the strong demand from fans requesting for shows to resume as soon as possible. Live Nation believes that 2021 can return to the show volume and fan attendance that’s consistent with recent years.
Rapino stated in the investors earnings call that the company would test crowdless broadcasted shows along with drive-in concerts and reduced capacity festivals over the summer. Additionally, these potential testings could happen overseas in countries with safer health conditions. Any testing would be conducted when it’s safe and reopening phases begin. There’s an endless possibility of what these drive-in shows may look like, with shows potentially taking place indoors or outdoors, in theaters or stadiums, and etc.
Rapino proudly states at the end,
“Live Nation is best positioned in the live ecosystem to play the long game, capture new opportunities and continue leading the industry into the future.”
Fans can now look forward to the possibility of live events returning sooner than expected. A socially distanced concert may be the norm for the next few months.