Live Nation Doesn’t Expect Concerts to ‘Return at Scale’ Until Next Summer
Live Nation’s “expectation” is live concerts won't "return at scale” before next summer, “with ticket sales ramping up in the quarters leading up to these shows,” said CEO Michael Rapino on a call Wednesday. “We remain confident that fans will…
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return to live events when it is safe.” Through Q2, 86% of concert fans held on to tickets for rescheduled shows and shunned refunds, “demonstrating their continued desire to attend concerts in the future despite the current uncertainty,” he said. Virtual concerts are in “huge demand, so the company established a “live from home platform," he said. He estimates 67 million fans globally viewed more than 18,000 virtual concerts and festivals in the quarter: “We are seeing the potential for livestreaming to become an additional long-term component of our concert business.”