Live Nation reports a 98% drop in revenue due to coronavirus
Concert company Live Nation has reported plummeting revenue over the past quarter, following the live music sector being decimated by the ongoing global pandemic.
In financial results detailing the quarter ending June 30, 2020, Live Nation reported net revenue of $74.1 million – 98% lower than the $3.16 billion a year earlier – and an adjusted operating loss of $431.9 million.
Across the quarter, only 24 concerts were held in North America, and in Europe only 131. To put that in perspective, the same period last year saw 7,213 concerts in North America and 3,309 concerts in Europe.
Live Nation said in a statement: “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. Our expectation is that live events will return at scale in the summer of 2021, with ticket sales ramping up in the quarters leading up to these shows.”
CEO Michael Rapino focused on the positives, noting that 86% of fans had opted to keep tickets for rescheduled shows next year and that two-thirds of festival-goers are keeping tickets for next year’s event. Live Nation cited strong early ticket sales for 2021’s Download and Isle of Wight festivals in the UK.
Earlier in the year, Rapino also noted Live Nation’s willingness to host ‘fanless’ and drive-in shows throughout the pandemic. However, given the above results, it seems live-streamed gigs won’t be fully replacing their in-the-flesh-counterparts anytime soon.
For more music news, click here.
The post Live Nation reports a 98% drop in revenue due to coronavirus appeared first on Guitar.com | All Things Guitar.
Source: www.guitar-bass.net
