Live Nation just released its third-quarter earnings showing a 95% drop in revenue in comparison to this time last year. As the country is approaching eight months without large-scale live music events, the company is struggling harder than ever imagined. However, CEO Michael Rapino sees a light at the end of the tunnel. Speaking to investors, Rapino suggested that the company expects to host full-scale concerts in the summer of 2021.
While nothing is certain, Live Nation is working hard on a plan to resume its regular programming. Rapino also mentioned many factors that are working in the company’s favor, from advancements in COVID-19 testing to a possible vaccine coming soon, Rapino is holding out hope.
He also mentioned the high demand for 2021 events. So far, refund rates for 2021 festivals remain low at about 17%. Undoubtedly, the live music community sees the potential for the upcoming year as well. Luckily, Live Nation mentioned having about $1.9 billion in liquidity meaning the company is holding enough funds to carry on.
Overall, the Live Nation team is looking at ways to get back to live music events safely. One plan the company created that features a new ticket process tool, titled SmartEvent includes factors such a social distance seating, timed entry into events, contactless ticket scanning, entry rate monitoring, and more.
As Live Nation and other entertainment companies work fever feverishly at new plans to adapt to the COVID-19 pandemic, live music fans can expect to see some form of live music in the near future.
Events Held During COVID-19 Pandemic
While the majority of festivals decided to hold off until 2021, many artists are finding ways to offer a live music experience to fans.
Recently, drive-in concerts have become the new norm in the live music industry. While it’s not the complete experience, it allows small groups to come together and enjoy what they love.
Additionally, in Ukraine, one rock band got even more creative. The event called a “vertical concert” allowed fans to watch a concert from the balconies of their hotel rooms.
With so much uncertainty, it’s impossible to know when events will return to “normal”. However, entertainment companies continue to create new ideas to temporarily satisfy the want for live music.