Concert promoter Live Nation is aiming for the third and fourth quarters of 2021 in its plans for a “full-scale” return to concert ticket sales.
“We think in the fall, if there are no second hotspots, you’ll see markets around the world [reopening]… And then our goal is really to be on sale in the third and fourth quarters for 2021 at full scale,” Live Nation President and CEO Michael Rapino said in an investor call last week.
Concert giant Live Nation is planning for crowdless shows and drive-in concerts. On an investor call Thursday, the company said it will “dabble in fanless concerts” as COVID-19 lockdown continues https://t.co/xM9Lrdbq0O pic.twitter.com/AZJcg79oj1
— Rolling Stone (@RollingStone) May 8, 2020
Most summer tours and music festivals have been postponed or cancelled due to the ongoing COVID-19 pandemic. While concert goers anxiously await for some semblance of a return to their lifestyles, Live Nation is exploring creative ways to put on shows.
“Whether it’s in Arkansas or [another] state that is safe, secure and politically fine to proceed in, we’re going to dabble in fan-less concerts with broadcasts and reduced-capacity shows, because we can make the math work,” Rapino said.
Rapino explained that Live Nation was on track for a big year on the concert ticketing front, but the pandemic has effectively pushed the company into a 20 per cent revenue decline in the first quarter of 2020.
Live Nation reported a USD $172 million operating loss, with a net loss of USD $210 million.