Live Nation’s CEO has provided hope and optimism about the potential return of live music, stating that the company is expecting that shows will be back operating at capacity by next summer.
The news comes after a year which has adversely affected everybody in the music industry due to the pandemic putting a halt to the live sector. Live Nation has also been hit heavily y by the lack of live music which has led to the firm revealing a 95.1% drop in revenue in the third quarter of 2020. The company also made a net revenue of $184 million in the period from June to September, which is a drop in the ocean in comparison to the revenue of $3.77 billion they raked in during the same period last year.
As reported by IQMAG, CEO Michael Rapino is still feeling optimistic about what 2021 has in store for Live Nation next year. This hope derives from Rapino being satisfied by only a small number of fans who have returning tickets for refunds and strong festival sales for next summer. He added that fans can “expect shows at scale next summer” which will be as Covid-secure as possible.
“From venue sanitation procedures to fan-friendly policies and on ticket purchases and the latest testing options, we are setting standards that will give the fans, crews and artists peace of mind before, during and after the show,” he commented.
However, he did caveat the optimism by stating “the path to live [music] will not be a straight line” and saying Live Nation “will maintain flexibility and focus on innovating” until the long-awaited return of live music.
Rapino’s comments were made before news of a vaccine developed by Pfizer and BioNTech which has been tested on 43,500 people in six countries, has led to no health issues and has been able to prevent more than 90% of people from getting the virus.