Without concerts, organizer Live Nation suffers a huge loss

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Concert organizer Live Nation received a major blow in the second quarter, as there are hardly any concerts and festivals due to the corona pandemic. Sales plummeted 98 percent and Mojo’s parent company posted a massive loss of $ 610.5 million (about $ 515 million). The company does say it has enough money to survive until concerts and festivals are possible again.

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Live Nation thinks that these events can be held on a large scale again next summer. In the period thereafter, the company will be able to sell more tickets again. In the past period, Live Nation has also sold 19 million tickets for concerts and festivals that take place next year.

The company survives the current difficult period by cutting costs sharply and also postponing investments. That will yield Live Nation $ 2.2 billion this year. Moreover, the company only has to repay a small part of the tickets already sold for relocated concerts. 86 percent of people choose to keep their ticket for the new date.

Live Nation currently organizes virtual concerts and festivals that can be followed online. In countries where this is allowed, there are also concerts with sufficient distance between the fans.

Live Nation has $ 2.7 billion in cash and credit options available. With this, the company expects to broadcast it until the return of major events.

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