Live Nation revenue plummeted 98% year-on-year in Q2 2020 as concerts ground to a halt due to the pandemic, according to the company's latest financial results.
The promoter posted an adjusted operating income loss of $431.9 million (£324m) for the quarter ending June 30 on revenue of of $141.8m (£106.4m) for its concerts division.
But the entertainment giant said it remains confident fans will return to live events "when it is safe to do so", with 86% of concert-goers opting to keep tickets for rescheduled shows - reinforcing its expectations of a "robust outdoor summer season" in 2021. It also noted "strong early ticket sales" for UK festivals such as Download and Isle Of Wight.
"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," said the firm. "Our expectation is that live events will return at scale in the summer of 2021, with ticket sales ramping up in the quarters leading up to these shows."
Including tickets held by fans for rescheduled shows, the firm said it had already sold 19 million tickets to more than 4,000 concerts and festivals scheduled for next year.
We are well positioned to weather this crisis and we will get through this
Michael Rapino, Live Nation
Live Nation president and CEO Michael Rapino said: "While this is a challenging time for everyone – the live events business in particular – there are a few things that I am confident about: we are well positioned to weather this crisis, and we will get through this; when it is safe to return, we will have an abundance of fans and artists ready to enjoy live music again.
"Live Nation will do everything in its power to meet our responsibilities to artists, fans, our employees and everyone else affected by this shutdown by bringing back as much live music as fast as possible when it is responsible to do so."
The firm also trumpeted the success of its Live From Home virtual concert platform, which attracted 67m viewers over 18,000 concerts and festivals in Q2. "Given the tremendous popularity of these shows, we are seeing the potential for livestreaming to become an additional long-term component of our concert business, allowing fans in other cities, or those who can’t attend, to enjoy the concert as well," said the company.
Live Nation also launched socially distanced shows in the US, New Zealand, France, Denmark, Spain, Germany and Finland during the three-month period.