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Live Nation Revenue Wiped out by COVID; CEO Michael Rapino Sees Live Events in Full Swing Next Summer by Jill Goldsmith August 5, 2020 5:05Pm

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Live Nation Revenue Wiped out by COVID; CEO Michael Rapino Sees Live Events in Full Swing Next Summer by Jill Goldsmith August 5, 2020 5:05Pm 6/8/2020 Live Nation Revenue Wiped Out By COVID – Deadline TIP US HOME / BUSINESS / BREAKING NEWS Live Nation Revenue Wiped Out By COVID; CEO Michael Rapino Sees Live Events In Full Swing Next Summer By Jill Goldsmith August 5, 2020 5:05pm Courtesy Paramount Pictures https://deadline.com/2020/08/live-nation-revenue-wiped-out-by-covid-ceo-michael-rapino-sees-live-events-in-full-swing-next-summer-1203005595/ 1/10 6/8/2020 Live Nation Revenue Wiped Out By COVID – Deadline Let’s get this over with. Live Nation, which makes a living on live events, saw revenue plunge 98% last TIP US quarter to $74 million and swung to a loss of $588 million from a profit of $176 million the year before. It was the first full COVID-19 quarter and the company was expected to bleed red ink. CEO Michael Rapino can only look ahead. And he did as the company reported financial results for the three months ended in June. He said he expects live events to “return at scale in the summer of 2021,” with ticket sales ramping up in the quarters leading up to summer shows. He noted that 86% of fans opted to keep tickets for rescheduled shows and that two-thirds of fans are keeping tickets for canceled festivals so they can go to next year’s show. The company cited strong early ticket sales for festivals in the U.K. next summer, for example, with Download and Isle of Wight pacing well ahead of last year. ADVERTISEMENT RELATED STORY AMC Entertainment Q2 Revenues Plunge, Swings To The Red In "Most Challenging Quarter In 100-Year History" - CEO Adam Aron Between tickets held by fans for rescheduled shows and festival sales, the company, which owns Ticketmaster, said it’s already sold 19 million tickets to more than four thousand concerts and festivals scheduled for 2021, “creating a strong baseload of demand that is pacing well ahead of this point last year.” Can Live Nation last that long? Rapino says yes. “Over the past three months, our top priority has been strengthening our financial position to ensure that we have the liquidity and flexibility to get through an extended period with no live events.” The company cited an $800 million cost reduction target and a $1.4 billion cash management program target in 2020. And it said that at the end of the second quarter, it had total cash and cash equivalents of $3.3 billion. The company’s gross cash burn rate – the amount it spends in a month – is about $185 million per month. And it recently amended its credit agreement with lenders to suspend elements of its debt covenant until the end of next year if it needs to. “The company believes this level of liquidity and our associated burn rates, along with our credit actions, provide it with the ability to fund operations until the expected return of concerts at scale in the summer of 2021, preceded by ticket sales earlier in the year.” Subscribe to Deadline Breaking News Alerts and keep your inbox happy. https://deadline.com/2020/08/live-nation-revenue-wiped-out-by-covid-ceo-michael-rapino-sees-live-events-in-full-swing-next-summer-1203005595/ 2/10 6/8/2020 Live Nation Revenue Wiped Out By COVID – Deadline READ MORE ABOUT: TIP US EARNINGS / LIVE NATION / Q2 EARNINGS 2 Comments ADVERTISEMENT More From Deadline ‘High Fidelity’ Canceled ‘Long Way Up’: Apple Sets By Hulu After One Season Premiere Date For Ewan McGregor Motorcycle… Noah Wyle & Judith Light Seth Rogen Talks Why To Star In & EP ‘Shadows Sony Turned Down In The Vineyard’ Limite… Another Hit Of ‘Pineappl… ‘Raised By Wolves’ Sees Former ‘Ellen’ DJ Tony Ridley Scott “Evolving Into Okungbowa Speaks Of New Stuff We Haven’t… “Toxicity” On Set As… https://deadline.com/2020/08/live-nation-revenue-wiped-out-by-covid-ceo-michael-rapino-sees-live-events-in-full-swing-next-summer-1203005595/ 3/10 6/8/2020 Live Nation Revenue Wiped Out By COVID – Deadline 2 Comments TIP US Comments On Deadline Hollywood are monitored. So don't go off topic, don't impersonate anyone, and don't get your facts wrong. POST COMMENT This site uses Akismet to reduce spam. Learn how your comment data is processed. Anonymous on August 6, 2020 7:09 am Their Debt to asset ratio is off the charts. Lets see how long the creditors remain patient if this virus lock-down persists. Once the 1st creditor tries to collect the rest will fall in like dominoes. The Saudis bailed them out last quarter. Doubt that will happen again by them or anyone else without the terms being onerous at best. Tough times. REPLY Anonymous on August 5, 2020 9:41 pm So he expects people to get over the trauma and paranoia of contagious germs within one year? Really? These kids experiencing disruption of their lives will carry it for the rest of their lives. It’s going to affect a whole generation. REPLY https://deadline.com/2020/08/live-nation-revenue-wiped-out-by-covid-ceo-michael-rapino-sees-live-events-in-full-swing-next-summer-1203005595/ 4/10 6/8/2020 Live Nation Revenue Wiped Out By COVID – Deadline TIP US ADVERTISEMENT Trending on Deadline 1 / Jay Leno Backs Ellen DeGeneres Amid Show's Toxic Workplace Allegations; Rachel Bloom, Ashton Kutcher and Diane Keaton Weigh https://deadline.com/2020/08/live-nation-revenue-wiped-out-by-covid-ceo-michael-rapino-sees-live-events-in-full-swing-next-summerI -1203005595/ 5/10 6/8/2020 Live Nation Revenue Wiped Out By COVID – Deadline In TIP US 2 / British Game Show 'Taskmaster' Pulled By The CW After One Episode 3 / Los Angeles Coronavirus Update: Mayor Eric Garcetti Says DWP Will Shut Off Water And Power At Homes That Throw Large Parties 4 / COVID-19 Unemployment Benefits: Donald Trump Says He's Considering Executive Action On Extension, Other Relief If No Deal Reached With Democrats 5 / 'Captain Marvel 2': 'Candyman's Nia DaCosta To Direct Sequel 6 / 'Big Brother': CBS Announces 'All-Stars' Cast Members For Season 22 Of Reality Game Show 7 / Portland Summer Drive-In Fest Flunks 'Kindergarten Cop' After "Overpolicing" Complaint 8 / Los Angeles Coronavirus Report: Mayor Eric Garcetti Contradicts State Officials, Says Underreporting Cases Has Probably Gone On For Months, Not Weeks 9 / Judge Judy Says She'll Eat Contract "On National TV" If It Can Be Produced In New Suit Over CBS' $95M Purchase Of Syndicated Series' Library - Update 10 / 'Late Show With Stephen Colbert' Cuts Ties With Music Producer Following Sexual Misconduct Allegation ADVERTISEMENT https://deadline.com/2020/08/live-nation-revenue-wiped-out-by-covid-ceo-michael-rapino-sees-live-events-in-full-swing-next-summer-1203005595/ 6/10 6/8/2020 Live Nation Revenue Wiped Out By COVID – Deadline TIP US Signup for Breaking News Alerts & Newsletters Your Email [email protected] SIGN UP Latest Business News AMC Entertainment Q2 Revenues Plunge, Swings To The Red In "Most Challenging Quarter In 100-Year History" - CEO Adam Aron Lionsgate Q1 Revenue Slides 16%, But Results Beat Analysts' Estimates On Lower Costs, Library Boom Diane Cook's 'The New Wilderness' Novel In The Works For Television From Matt Reeves' 6th & Idaho & Warner Bros. 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