Live Nation Entertainment is an American entertainment company established in 2010. This company was a result of a merger between Live Nation and Ticketmaster. However, due to this Covid-19 pandemic, the company met with a huge loss of almost 98% compared to the previous year. They released their financial results recently for the second quarter which ended on 30th June 2020.
The company works in the sphere of the entertainment business and even promotes, manages ticket sales for live concerts in the United States. Not only this, they even operate and own many entertainment venues along with managing the careers of many music artists as well.
As the second quarter ended on 30th June, they released their financial results on the same. This contains the net revenue which was $74.1 million. However, the last year’s net total was $3.16 billion. This means they hit with a huge amount of loss of $431.9 million. Almost 98% lower than the previous year.
In the second quarter of this year, they had only 24 concerts in North America as compared to 7,213 in the previous year. Only 8,000 fans attended the concert due to this global pandemic. Whereas, in 2019 there were a total of 15.84 million. And in Europe they had only 131 concerts this time, just a drop from 3,309 last year.
Keeping in mind their fan following and the eagerness of their fans to attend the shows in person. They have even organized socially distanced concerts when and where permitted. Some of them even include France, Denmark, New Zealand, Germany, Spain, and many more cities across the United States.
When Live Nation was officially announcing the results, they showed positivity by saying that 2021 will bring them good luck. Over this crucial situation, they have given the top priority to strengthening their position in the entertainment market.
They are even hoping that live events will again return with a huge gathering of fans when the situation gets under control. The only reason of their confidence is because the fans are still holding on the tickets even the shows have been postponed. They are not ready to return those tickets even when they will get a refund.