Live Nation Has Already Lost $300 Million So Far in 2021
At this point, the company is placing its bets on a big 2022 instead
Published May 06, 2021ICYMI concerts and music festivals are still not really happening in most parts of the world, meaning things are looking pretty grim for promotions giant Live Nation. Today the company revealed its first quarter figures of 2021, and they aren't great, to say the least.
Overall, Live Nation Entertainment's first quarter revenue was only $290 million USD, with the company reporting a 79 percent drop in year-over-year Q1 revenue, Rolling Stone reports. Owning both Live Nation and Ticketmaster, the parent company stated it lost $145 million USD in concerts and another $120 million USD in ticket sales. Add that up, and you have Live Nation losing roughly $300 million USD so far this year.
Of course, these numbers are no surprise considering the current state of the pandemic. While some extra optimistic artists have booked shows for later this year, the vast majority of concerts have been pushed back until 2022.
But with vaccines becoming more available, the company sounds positive, stating it expects at least some concerts to return this summer and more later this fall and towards the end of the year. For now, Live Nation says it has enough cash on hand to take the hit, Rolling Stone reports.
But even Live Nation is looking more at 2022, with this year increasingly seeming like a write-off when it comes to live music. Live Nation said it has confirmed twice as many major tour dates for 2022 than it did back in 2019, and apparently there is a higher sponsorship commitment for those upcoming events and more Ticketmaster clients coming on board.
Like pretty much everyone, Live Nation is placing its bets on 2022 as we keep waiting this whole thing out.