Live Nation reveals next steps to overcome COVID-19 Crisis
Live Nation, the largest events promoter company in the world, is analysing alternative scenarios in facing the impossibility of organizing concerts in traditional models the audience is used to due to the COVID-19 pandemic. As a result of this in the first four months of 2020, the company experienced a 21% revenue drop. The shares of Live Nation, which owns Ticketmaster, have lost almost 48% of their market value.
Mr. Michael Rapino (CEO of Live Nation) was interviewed by Rolling Stone and he mentioned some measures to overcome this threat in the market as he expects a new sort of entertainment with concerts happening without an audience, online broadcasts, spectacles with limited capacity and performances seen from vehicles. The CEO also confirmed that the first experiences could happen in countries that are having good results in the control of the pandemic and there is already a phase of deflation.
“You’re going to see us in different countries, whether it’s Finland, whether it’s Asia, Hong Kong — certain markets are farther ahead — we kind of look at over the summer there will be testing happening,” Mr. Rapino said.
“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 theater, 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.”
The events sector crowd may have good news regarding the come back of festivals and concerts soon.
Image Credit: Live Nation Official Website