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Live Nation’s Michael Rapino Talks Reopening and Renegotiating the Concert Business
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variety.com
variety.comBy Jem Aswad Senior Music Editor At the end of Live Nation’s first-quarter earnings call on Thursday, CEO Michael Rapino fielded questions about the company’s finances, but mostly, as expected, about when and how the concert industry might begin to reopen from coronavirus lockdown.
Not surprisingly, the company’s earnings report revealed challenges, even though the lockdown began in the last three weeks of the quarter: Revenues were down 20% year-on-year, concert revenue was down 25% (from $1.318 billion to $993.4 million) ticketing was down 16% and, significantly, fan attendance was down 6.2%.
And while Live Nation alone has seen some 9,000 of its concerts impacted by the coronavirus pandemic, the company’s main theme of the day has
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