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Live Nation says no return to ‘full scale’ concerts until 2021 as it looks to drive-in events
With the spread of Coronavirus have stopped live shows across the world, international entertainment giant Live Nation has advised that it is not planning to resume concerts at “full scale” until 2021.
Instead it is looking at alternatives such as livestreamed shows and drive-in events.
In an investor earnings call last week, Live Nation President and Chief Executive, Michael Rapino said the company is looking at ways to resume concerts in their fullest form next year.
Rapino advised “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.
“We think in the fall (northern hemisphere autumn), 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.”
The firm, which owns Ticketmaster, announced the strategy as it reported a 21% year-on-year drop in revenue for its first quarter to US $1.37 billion, with ticketing down 16%.
With major concerts and festivals across the world cancelled due to the Coronavirus pandemic, more than 50,000 Live Nation events impacted by the live events blackout.
Rapino went on to say “in mid-March, we came to a halt. We have held no concerts in almost two months.
“(But) despite these challenging times, we continue to have full confidence in the long-term supply and demand of the live concert industry, Live Nation’s leadership position, and our business model’s ability to successfully delivery growth and shareholder value.”
Advising that a study of its customers had found more than 90% are holding on to their tickets for rescheduled shows where refunds are available, Rapino went on to say that is the “clearest demonstration of pent up demand that will enable us to quickly start concerts back up.”
Looking at alternatives, he noted “it’s important for us to keep doing drive-in concerts, which we’re going to test and roll out, which we’re having some success with, fanless concerts which have great broadcasting opportunities, reduced capacity festival concerts, which could be outdoors, could be in a theatre, could be in a large stadium floor where there’s enough room to be safe.
“We have all of these plans in place depending on the market and where that local city may sit in their reopening phases.”
Over recent weeks drive-in and socially distanced concerts have been held in Denmark, Sweden and Germany, with a club in the latter country recently holding a drive-in rave.
Images: Singer-songwriter Mads Langer performs as a drive-in concert in Aarhus, Denmark (top, image via YouTube) and Michael Rapino (below, courtesy of Live Nation).
1st May 2020 - AON Risk forgoes commission on cancelled events
28th April 2020 - Saudi Arabian investment fund acquires 5.7% stake in Live Nation
24th April 2020 - Collapse of events sector wipes $35 billion from Australia’s economy
9th April 2020 - Eventbrite to lay off 45% of global workforce in cost-cutting plan
14th February 2020 - AFL and Ticketmaster move to scrap ticket booking fees at Melbourne’s Marvel Stadium
13th February 2020 - Ticketmaster expands Asian operations in Taiwan and Singapore
5th February 2020 - Live Nation partners with Mirvac to deliver new immersive experience in Sydney
21st November 2019 - Ticketmaster fans name Come from Away as Australia’s 2019 Ticket of the Year
18th September 2019 - Live Nation’s Roger Field considers potential of new Gold Coast entertainment arena
22nd July 2019 - Live Nation sets sustainability goals for concerts and live events
6th May 2019 - Ticketmaster prepares for sales integration with Apple Pay
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