Live Nation Entertainment – the conglomerate comprised of Live Nation and Ticketmaster – has reported that it would be testing out crowdless live stream shows and drive-in concerts as part of its plan to find alternative event platforms to in-person shows during the COVID-19 pandemic.
Per Rolling Stone, Michael Rapino, President and CEO of Live Nation stated that the company would be experimenting with broadcasted shows and drive-in concerts during the summer, additionally, going ahead with reduced capacity festival shows.
“Whether it’s in Arkansas or a state that is safe, secure and politically is fine to proceed in, we’re going to dabble in fanless concerts with broadcasts, we’re going to go and do reduced capacity shows because we can make the math work,” Rapino explained.
“There are a lot of great artists that can sell out an arena, but they’ll do 10 higher end smaller theatres or clubs. We’re seeing lots of artists chomping to get back out once it’s safe.”
The decision follows reports that the company had suffered a 21% drop in first quarter revenue, 25% drop in concert revenue, and an annual drop of 16% in ticket revenue. Live Nation’s shares have dipped by 48% since mid-February – around the time when the WHO announced COVID-19 to be the name of the deadly coronavirus disease.
In the meantime, music events around the globe – from concerts and festivals to industry trade shows – continue to face cancellations and postponements as a result of the coronavirus pandemic.
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