Live Nation Reports 95% Loss of Revenue in Third Quarter

CEO Michael Rapino still feels confident about the return to live entertainment
Live Nation Reports 95% Loss of Revenue in Third Quarter
In Q2, Live Nation reported a devastating loss of 98 percent of revenue, and now, in its third quarter, not a lot has changed. This time around in Q3, the events and entertainment company has reported a revenue loss of 95 percent, as there have been no significant differences on the live industry front amid the ongoing pandemic.

Despite a lack of events, the company does report that 83 percent of ticketholders have opted to hold onto their postponed tickets instead of refunding them. And even with no end to the coronavirus crisis in sight, fans remain determined to return to shows when it is safe to do so, with 95 percent of those surveyed confirming their confidence in the industry.

"For now, we continue to maintain a strong cash management discipline, while planning for the ramp-up to resume live shows as soon as possible," a press release reads.

"As we look ahead, it is clear that the path to live will not be a straight line. As such, we will maintain flexibility and focus on innovating during this time," said CEO Michael Rapino.

Meanwhile, Live Nation and Ticketmaster have launched a new COVID-19 safety plan, detailing new tools, tech and measures the companies will implement when live events can resume.

Those measures include contactless box offices, payment and entry, mobile ordering, contact tracing, timed entries, entry rate monitoring and ticket transferring. Curiously, the plan does not include mandatory masks, COVID tests for attendees, temperature checks or any standards for venue ventilation.

Since Ticketmaster's announcement earlier this week (November 4), Rapino has mapped out a few new ways to ensure customer safety protocols.

"We are collaborating with health experts to create show guidelines that put in place procedures which can adapt to various situations, across all regions," he said. "From venue sanitation procedures to fan-friendly policies on ticket purchases and the latest testing options, we are setting standards that will give fans, crews and artists peace of mind before, during and after the show."

Read Live Nation's full Q3 report here