With concerts canceled across America for the past year, fans are eagerly awaiting the day they can return to their favorite venues and see their favorite bands perform live. According to Live Nation, fans aren’t giving up hope. Some performers have dabbled in live stream concerts and the industry has relied on companies such as Veeps who sell tickets to those performances.
“The supply-demand fundamentals of the concert business remained strong with artists ready to get back on the road and fans eager to reconnect at events. All our data continues to show that there is substantial pent-up demand for concerts on the consumer demand side,” said Michael Rapino, CEO of Live Nation.
Rapino said fans have been holding on to their tickets hoping to have them when their events are rescheduled.
83% of fans continuing to hold on to their tickets with rescheduled shows. On the artist side, there’s a broad desire to get back on stage to connect with their fans and provide economic support to their bands, crew, and hundreds of others employed each night putting on the show.
Fans not letting go of their concert tickets
Rapino added, given the limited touring activity in 2020 and ’21, the pipeline for 2022 is much stronger than usual with almost twice as many major touring artists on cycle in 2022 in a typical year, about 45 artists versus the usual 25, and there remains plenty of scheduling availability at arenas, amphitheaters, and stadiums to accommodate these additional tours with over 2/3 of these venue nights unused by sporting events or major concerts in a typical year.
“It appears that the timing to release the pent-up supply and demand is now approaching. Vaccine distribution is accelerating and declines in COVID cases throughout most of the world give us even more confidence that a safe and meaningful return to shows will soon be possible,” he added.
When will concerts be back?
The CEO said he expects concerts to begin in some form in the United States during the summer.
“So, while the timing of return to live will continue to vary across global markets, every sign points to beginning safely in many countries sometime this summer and scaling further from there. With that, I will turn the call over to Joe for more detail on our financial results,” he concluded.