Live Nation have shared their financial report for the first quarter of 2020, revealing a 20 per cent revenue decline (from USD $1.37billion to $949.3million).
The live entertainment company also reported a USD $172million operating loss, with a net loss of USD $210million.
In the report, Live Nation CEO and President Michael Rapino said the company was initially “on track for tremendous growth” across all their businesses, “with both fan demand and artist touring increasing on a global basis”.
However, projections were thrown out the window when the coronavirus pandemic hit. Global restrictions on gatherings were slowly tightened, reaching its apex around mid-March. Countless gigs and tours around the world were cancelled or postponed, and Live Nation “have held no concerts in almost two months”.
Despite these figures, Rapino is confident in Live Nation’s growth in the subsequent months. “We continue to have full confidence in the long-term supply and demand dynamics of the live concerts industry, Live Nation’s leadership position and our business model’s ability to successfully deliver profitable growth and shareholder value”, he said.
Rapino also noted that over 90 per cent of music fans were currently holding on to their tickets for rescheduled shows, even when refunds were available.
Recently, Live Nation announced they were preparing to test a series of crowdless gigs and drive-in concerts in an effort to create safe opportunities for live music to return amid the coronavirus pandemic.