A second-quarter earnings call with Live Nation execs Wednesday was full of hope, promise and even swagger… for 2021-22. Not surprisingly, though, the current numbers were grim, with revenue …
execs Wednesday was full of hope, promise and even swagger… for 2021-22. Not surprisingly, though, the current numbers were grim, with revenue predictably down by a staggering 98% from year-to-year in the company’s quarterly earnings report.Live Nation’s net loss for the second quarter was reported at $568 million, compared to net income of $172 million in the quarter last year.
In the call, Rapino expressed faith in vaccines and treatment to make the world safe for shows a year from now. Live Nation reps on the call said the company is “talking about a spring return to business outdoors in 40 countries” and that the business could see a return to concertgoing in “some markets before the spring,” but that the determination would be different for different territories. The U.S., they indicated, would take the longest in ramping back up, but the 50 amphitheaters that Live Nation manages would provide an advantage.
Asked about recent reports that Live Nation was asking agents and artists for much more favorable terms on festivals next year — which resulted in considerable backlash — Rapino said that was an unfortunate leak of what was only meant to be a starting point in negotiations.
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