Live Nation unveils future plans for the rest of the year
Live Nation has unveiled its future plans for the rest of the year after presenting the economic and financial results of the company for the first quarter of the year (Q1). Having got clearly and evident negative results with over a 20% decrease of net revenue, the festival promoter firm will focus all their efforts on be as prepared as possible and get used to this new scenarios.
As the rest of the music industry, Live Nation has been no exception to the brutal economic consequences coronavirus is bringing. Observing a notorious decrease on their numbers, the biggest festival promoter in the world has has a turnover of $1.37B, supposing one of the worse financial results in a long time. As all governments are taking strongly cautious and exigent measures, festivals are one of the most affected industries in the world, negatively speaking. However, Live Nation is planning to take huge steps forward in order to prevent festivals from deepen even more into tragedy.
The president and CEO of Live Nation, Michael Rapino, announced they will be closely cooperating with governments where their festivals are operating, to see the feasibility to put on shows respecting all safety measures and conditions. These next steps involve testing crowdless broadcasted festivals, drive-in concerts and reduced capacity events wherever it’s allowed. According to him, approximately 90% of the consumers are holding their tickets instead of requesting refunds, which is largely helping festivals to breath in these tough days and gives some positive signs ahead of 2021 season. Rapino also stated that “Live Nation is best positioned in the live ecosystem to play the long game, capture new opportunities and continue leading the industry into the future”
Alternatively, some governments have announced force majeure conditions, banning large events from taking place and allowing festivals not to refund customers by issuing them a valid ticket voucher for the next edition in order to help them to survive and go through this situation.
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