Live Nation
Live Nation CEO Michael Rapino Says Largescale U.S. Concerts Could ‘Start in Midsummer’
Based on conversations with governors in key U.S. states, Live Nation CEO Michael Rapino is optimistic that large-scale American concerts are closer than ever to returning. He said that “a clear outline to a 75% to 100%” capacity for outdoor U.S. events in 2021 was looking likely to be green-lit.” Speaking on Live Nation’s Q4 2020 earnings call and as reported by Music Business Insider, Rapino said, “[We] think we’re better off waiting for a high bar capacity moment in most of the states to ramp up and talk to the artists about getting paid properly.” Rapino added that the prospect capacity re-opening in the largest U.S. markets with over 75% capacity was “within sight.” “We are seeing… what we’ve been talking about: [fans] are excited to get back to the show as soon as we get the green li...
Live Nation Expects to Ramp Up Business in Three Months With Government Green Light
Live Nation CEO Michael Rapino shared new information Thursday (Feb. 25) about the company’s plans for the return of live music. Once the concert promoter gets government approval to operate above a 50% capacity in the majority of territories where it hosts concerts, Rapino estimates the rehiring of employees and rescaling of the company will take three months. “We’ve been talking to our global employees about that kind of timeline when we can [promote] our first show at scale,” Rapino told analysts and investors on a company conference call Thursday for the company’s year-end earnings report. During the three-month period, the company will “start bringing back marketing, production [and] all the kind venue functions” adding that the company can expect to ramp up “between the onsale or the...
Live Nation Revenue Fell 92% in 2020 as Concerts Prepare for Comeback
The concert business had similar declines across the market. Madison Square Garden’s fourth-quarter revenue deficit was 94% following annual declines of 96% and 92% in the first and second quarters. Big Hit Entertainment, the South Korean company behind K-pop group BTS, posted 98% lower concert revenue in 2020. With the help of financial maneuvers since March 2020, Live Nation has a financial cushion of $643 million of free cash, helped by $417 million of debt raised in early January, and $962 million of available debt capacity, which the company believes is enough to fund operations until concerts return this summer. There’s good news on the horizon, though, with heightened anticipation that the recent availability of vaccines will spe...
Live Nation and Studio Brussels are Selling Tickets to a Post-COVID Rave—With No Date
Some people are seriously itching to get back to the dance floor. And some of those people want it so badly that they are willing to put money down on an event that doesn’t even have an official date set in stone. Well, that event is now coming (at some point) after the announcement of the aptly titled “I Want To Dance Again” party, the brainchild of Live Nation Belgium and Studio Brussel. As for the date this rave will take place, absolutely no one knows—not even the promoters. “I Want To Dance Again” is to be held at Antwerp’s Lotto Arena on the soonest possible date when COVID-19 restrictions are lifted in Belgium. That means the event will be the first post-COVID indoor rave without required masks and social distancing measures in...
Stephanie LaFera, WME’s Head of Music, on Racial Injustice and Planning Concerts During a Pandemic [Q&A]
2020 will certainly go down in the annals of music history as not only one of the most difficult, but also among the most seminal. The music community—and the entertainment industry at large—have had to completely rethink their strategies in order to stay afloat. AEG, Live Nation, and a number of other music industry giants have struggled to remain in business. But deep within the roots of music, innovators like Stephanie LaFera, WME’s Head of Music, have used these unprecedented times to reshape the music industry. LaFera oversees a team of agents whose roster includes major dance music acts such as Calvin Harris, Kygo, Steve Aoki, TOKiMONSTA, Martin Garrix, Marshmello, Eric Prydz, Grimes, and many more. In the midst of the devastating COVID-19 pandemic, LaFera has succeedi...
Live Nation President Says Concerts Will Resume in Summer 2021
Following the cancellation of almost all large-scale shows in 2020 due to the ongoing COVID-19 pandemic, live music fans have been hoping for some sign of good news as to when they can return to attending concerts. Though answers on when that will happen have varied, Live Nation President Joe Berchtold is feeling pretty optimistic. In a chat on CNBC’s Squawk Alley on Monday, Berchtold said that he expects live tours to resume in summer 2021. He cited the news of a vaccine that is nearly ready to be distributed as the cause for his optimism. “We start to see with much greater clarity what the path to return to live is, and certainly a lot of confidence about that return to live,” he said. Berchtold pointed to shows coming back in Asia and New Zealand as signs of progress. Berchtol...
Big Neon Aims to Link Brands and Indie Venues With New Sponsorship Venture
Ticketfly co-founder Dan Teree and former Ticketfly executive and business parter Ryan O’Connor have launched a new initiative to link brands with music clubs looking to diversify their revenue streams. The Big Neon Network is a new offering from event ticketing platform Big Neon. It is being made available to both ticketing clients and non-ticketing clients who are looking to participate in brand deals, which will be brokered by Big Neon in exchange for exclusive access to the venue’s advertising inventory. For clients, this will create a new way to generate income both during and after the pandemic. {“nid”:”8487880″,”type”:”post”,”title”:”Ticketfly Founder Dan Teree Launches Big Neon to Compete With Eventbrite ...
How Ticketmaster Plans to Check Your Vaccine Status for Concerts: Exclusive
Here’s how it would work, if approved: After purchasing a ticket for a concert, fans would need to verify that they have already been vaccinated (which would provide approximately one year of COVID-19 protection) or test negative for coronavirus approximately 24 to 72 hours prior to the concert. The length of coverage a test would provide would be governed by regional health authorities — if attendees of a Friday night concert had to be tested 48 hours in advance, most could start the testing process the day before the event. If it was a 24-hour window, most people would likely be tested the same day of the event at a lab or a health clinic. Once the test was complete, the fan would instruct the lab to deliver the results to their health pass company, like CLEAR...
Live Nation’s Third Quarter Earnings: Five Questions Answered
But the game of attrition could end next summer. Live Nation’s earnings call Thursday became outdated after news of a successful COVID-19 vaccine trial was released on Monday (Nov. 9). Its share price jumped as much as 38.7% Monday morning after drug companies Pfizer and BioNTech announced their vaccine was 90% effective in a large-scale trial. The vaccine could be available late this year and widely distributed before the lucrative summer touring season. Keeping in mind the recent news, here are five questions that were answered with Live Nation’s third-quarter earnings. Where does Live Nation’s liquidity stand? Live Nation has enough capital to last through 2021. On Sept. 30, Live Nation had $2.6 billion of total cash and cash equivalents (vs. $3.3 billion in the second quarter), includi...
Live Nation Sees Path to Resuming Live Shows at Scale By Summer 2021
With persisting restrictions on large gatherings and events worldwide, concert giant Live Nation reported another quarter of earnings that didn’t exactly excite investors. The top line number included a 95% drop in year-over-year revenue compared to Q3 2019, leading to an operating loss of $504 million for the quarter. Despite the unsightly financial results, Live Nation’s CEO Michael Rapino spoke to a rosier outlook for the company in the coming year. In addition to continued efficiencies in cost-cutting, Rapino stated that the company “expect[s] shows at scale next summer.” It’s a bullish statement given current uncertainties around government pandemic restrictions and the deployment of an effective vaccine. Rapino cited advancements in testing, v...
Live Nation to Face Lawsuit Over Teen’s Fatal 2015 Drug Overdose at HARD Summer
Live Nation Entertainment is facing a renewed lawsuit filed by the family of Katie Dix, a young woman who died following a fatal drug overdose at the 2015 edition of HARD Summer. In a new ruling, Superior Court of Los Angeles County Judge Dan Thomas Oki said a company like Live Nation that plans and operates large music festivals “owes a duty of reasonable care to festival attendees.” According to a report by Pitchfork, who reviewed the case’s legal documents, Oki ruled that Live Nation must now face the suit, which was initially filed back in 2016. The family of Dix, who was 19 years of age at the time of her death, is suing on the grounds that Live Nation demonstrated negligence and breached their duties to protect her from the distribution and inge...
In Mexico, the World’s Third-Largest Concert Promoter Prepares For Live Music’s Return
Alejandro Soberón Kuri talks growth, global trends and the company’s near-deal with Live Nation. Alejandro Soberón Kuri founded OCESA in 1990 to establish Mexico as an obligatory tour stop for international artists. He ended up building a global concert powerhouse third only to Live Nation and AEG. “Mexico may not be the third-biggest country in the world, but it has the third-largest live event promoter,” says Soberón Kuri, 60, from his CEO office in Mexico City — though neither he nor his colleagues have been working there during the pandemic, as major venues remain closed across the country. In 2019, OCESA’s holding company, Grupo Corporación Interamericana de Entretenimiento, produced over 3,400 shows from the United States to Colombia and throughout Central America, ...
