said ticket demand was on an upsurge as vaccines roll out and countries reopen.“Fans are buying tickets and events are selling out faster than ever,” he said during a call after first quarter financial results that were still grim. Revenue of $239 million was down 76% from $993 million the year before. Net losses ballooned to $300 million from $185 million. Events plunged to 664 from 7,095.
But as with entertainment venues from movie theaters to Broadway things are looking up. The current second quarter will show the first year-on-year improvement since the fourth quarter of 2019. Live Nation said it’s “confidently planning” reopenings in the U.S., particularly for outdoor shows, and expects other major markets to follow this summer.
Related StoryLawmakers Call For DOJ, FTC To Investigate Live Nation-Ticketmaster "Monopoly"“We’re just seeing demand beyond any other historic moment,” Rapino said, noting that “Garth Books just this morning broke every Tickemaster record.” Brooks sold over 50,000 tickets in less than 30 minutes for his upcoming concert at Rice-Eccles Stadium in Salt Lake City, Utah. headtopics.com
Live Nation said its concert pipeline for 2022 is up double digits from 2019, its sponsorship commitments are double digits and it’s been signing new clients.In the U.S.,Bonnaroo, Electric Daisy and Rolling Loud festivals sold out in record time at full capacity. In the U.K., it has 11 festivals planned this summer, including some of the largest ones — Reading, Leeds and Parklife — where tickets have sold out. Ditto with New Zealand’s largest festival, Rhythm and Vines.
The company will continue to announce new tours as it gets further clarity on reopening timelines. Some announced for later this summer including Dave Matthews, Luke Bryan and Maroon 5. Given the longer lead times associated with global arena and stadium tours, it said, it expects others to start later this year and into 2022. Many artists will have multi-year tours, spanning the U.S., Europe and often either Asia or Latin America, “setting us up for a strong multi-year growth run.”
Live events were among the hardest hit by Covid. The company has cut costs, raised cash and said it has $2.1 billion of available liquidity that will allow it to fund operations through the expected return of concerts starting this summer.Live Nation owns major venues around the world as well as ticketing giant Ticketmaster.Read more: Deadline Hollywood »
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Live Nation, Still Without Concerts, Has Lost $300 Million in 2021 So FarWhile the concert giant has faced mounting losses in the pandemic, it has already booked twice as many shows for 2022 as it did in 2019, executives say And I’m sure they are going to jack up ticket prices. Poor LiveNation...let’s just forget about the billions in “fees” they’ve swindled ticket buyers out of for years, that they have monopolized venues, and are aligned with Ticketmaster to control prices, tour routes and fan access to good seats.
Three Live Nation Execs Cashed In $59M in Stock Options in MarchIn March, around the one-year anniversary of the live touring shutdown, a group of Live Nation executives exercised stock options for millions of dollars. Assholes
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