As the COVID-19 pandemic continues to impact the entertainment industry, there is no certainty as to when events will return. However, many industry players are being optimistic, hoping that they will return by summer 2021. Live Nation CEO Michael Rapino is one of those offering a positive perspective on the situation.
Although the popular ticketing company recently faced a near 100 percent revenue loss, Michael Rapino is confident that things will turn around. According to a memo sent to shareholders, Rapino hopes for “a robust outdoor summer season in 2021.”
In the memo, the Live Nation CEO notes that there is still demand for tickets. This is seen when ticketholders choose to rollover their festival passes for the next year. Rapino shared that about 86 percent of fans have chosen to keep their event tickets instead of opting for a refund. In other words, this can foreshadow a great future for next year’s festival season.
After recent festival postponements such as EDC Las Vegas and Escapade, concert-goers are hoping that 2021 will mark the official return of music events. However, Lollapalooza co-founder Marc Geiger and Glastonbury founder Michael Eavis don’t see their festivals returning until 2022. There is still no concrete idea as to what the pandemic will look like next summer. Hopefully, Michael Rapino’s optimism will come true and COVID-19 will soon be under control.