Live Nation CEO Michael Rapino is optimistic that “full scale” live concerts will see a return to form in the summer of 2021.
The ticketing giant has been faced with a particularly disastrous year as COVID-19 has and continues to force most live events around the globe to be rescheduled or cancelled.
Live Nation reported a 95.1 per cent decrease in revenue in its third quarter of 2020. That’s $184 million between the months of June to September, down from $3.77 billion from the same period last year.
Rapino remains hopeful about the company’s financials for 2021 however. The company’s end of second quarter report to investors revealed that – despite refunds being available to ticket purchasers – 86 per cent of customers have held on to their tickets.
Speaking to IQMag, Rapino stated that fans can “expect shows at scale next summer” whilst also pledging to implement the proper measures to keep concert goers and artists safe.
“From venue sanitation procedures to fan-friendly policies and on ticket purchases and the latest testing options, we are setting standards that will give the fans, crews and artists peace of mind before, during and after the show,” he said.
Rapino added that “the path to live [music] will not be a straight line” but promises that the company will “maintain flexibility and focus on innovating” when it comes to COVID-safety.
In other industry news, a staggering 80,000 were in attendance at the Music China 2020 convention last week in Shanghai, offering a glimpse at what future trade shows might look like amid the coronavirus pandemic.
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