Live Nation CEO Predicts Live Events To Return "At Scale" In Summer 2021
Promoting giants Live Nation expect "a robust outdoor summer season in 2021", according to a new memo from CEO Michael Rapino.
After Glastonbury founder Michael Eavis admitted last week that he wasn't sure that next year's edition of the festival would happen, Live Nation CEO Michael Rapino has sent round a much more optimistic memo, stating that the company predict a "robust outdoor summer season in 2021".
The new report details how an impressive 86 per cent of gig-goers have actually held on to tickets for rescheduled tour dates – rather than getting a refund for postponed shows. Additionally, it has been announced that 19 million tickets have already been sold for 2021 for both gigs and festivals.
"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," Michael writes.
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In a section titled 'Confidence in the Future of Live', he continues: "Importantly, we remain confident that fans will return to live events when it is safe to do so. Our strongest indicator of demand is that fans are holding on to their tickets, even when given the option of a refund. Through the end of the second quarter, 86% of concert fans are keeping their tickets for rescheduled shows, demonstrating their continued desire to attend concerts in the future despite the current uncertainty.
"Our expectations for a robust outdoor summer season in 2021 are also reinforced by the two-thirds of fans keeping their tickets for canceled festivals so they can go to next year’s show, along with strong early ticket sales for festivals in the UK next summer – for example, Download and Isle of Wight are pacing well ahead of last year.
Between the tickets held by fans for rescheduled shows and these festival onsales, we have already sold 19 million tickets to more than four thousand concerts and festivals scheduled for 2021, creating a strong baseload of demand that is pacing well ahead of this point last year. At the same time, surveys continue to show that concerts remain fans’ highest priority social event when it is safe to gather, with almost 90% of fans globally planning on attending concerts again."
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