Despite Huge Drop in Revenue, Live Nation 2020 Earnings Report Shows Optimism for Concerts’ Return

variety.com:

Jem Aswad Senior Music EditorIn its earnings reports for the last quarter and full year of 2020, the year of the pandemic, Live Nation shows remarkable optimism for the projected return of live entertainment.Despite a devastating  year in revenue and ticket sales for the world’s largest live-entertainment company, Live Nation’s stock is actually higher than it was before the pandemic — at the time of this article’s publication, it was at 87.05 compared with 67.76 a year ago — and it reports that 83% of fans continue to hold on to their tickets for postponed shows, and notes a $950 million cost reduction in 2020 and $1.65 billion in cash savings.That said, the company’s concert revenue plunged to $1.46 billion for 2020 from $9.43 billion.