Wednesday, July 6, 2022
HomeMusic NewsLive Nation Faces 95% Drop in Q3 Revenue

Live Nation Faces 95% Drop in Q3 Revenue

It’s been well over half a year since we’ve had live music due to the outbreak of COVID-19. As a result, the music industry is suffering. In their recently released financial report, Live Nation Entertainment saw a 95% decrease in third quarter revenues compared to figures from the same time last year.

The company’s Q3 revenue in 2020 was $154 million, which contrasts sharply with the $3 billion they made in 2019. Despite their efforts to drastically cut spending, Live Nation lost roughly $319 million during this last quarter of operations.

However, it’s possible that things will turn around in Q4. Live Nation Entertainment is providing tickets to drive-in shows and other socially distanced events. Additionally, Ticketmaster announced new features to encourage both venues and fans to participate in socially distanced shows.

Luckily, the ticketing giant has $951 million in free cash and $1.9 billion in liquidity. Those assets should be enough to carry them at least until summer 2021, which is when they hope concerts can return at full scale again.

Farra Tai
You can catch Farra taking photos in pit at Seattle shows or at home editing photos and writing articles.
- Advertisment -

Most Popular