The concert giant has made its first acquisition of 2018, buying a majority stake in Frank Productions, one of the US's leading independent promoters
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The CEO of the live entertainment giant has revealed post-restrictions plans for the US business, as well as predictions for its other markets
By IQ on 09 Jul 2021
Live Nation Entertainment’s US concert business is now “fully open,” according to CEO Michael Rapino.
“We’re very excited about the American market. Seventy per cent of our business is going to be in the US and the UK. Those two markets seem on track,” he told CNBC on Thursday (8 July).
In the States, Live Nation has already hit a major post-restrictions milestone with its full-capacity show at New York’s iconic Madison Square Garden (cap. 20,000), performed by the Foo Fighters, which was the venue’s first concert since March 2020.
Continuing on an upward trajectory, Live Nation will host 30 US-wide amphitheatre tours at full capacity beginning this week, according to the CEO.
Later in July, the live entertainment giant will host the Rolling Loud festival in Miami – expected to bring in around 200,000 people – and a further 10–15 more festivals this summer.
“We’re going to make sure that we don’t [put on] four shows in one week and you’ve got to pick one”
In the company’s Q1 2021 earnings call in May, it reported that US festivals including Bonnaroo, Electric Daisy and Rolling Loud festivals all sold out in record times at full capacity.
The company also reported an increasingly busy 2022, after the number of major tours for next year increased by double-digits from pre-pandemic levels in 2019.
Addressing concerns about whether the backlog of concerts caused by the pandemic will result in an oversaturated market, Rapino told CNBC that artists will not perform “unless they have the weekends, and the right cities and the right markets”.
“We’re going to make sure that we don’t [put on] four shows in one week and you’ve got to pick one,” the CEO said. “We’ll spread those over a couple of years and a couple of markets. So we look at the pent-up demand as lots of availability, but we’re also going to make sure the consumer has time to buy it.”
While the US surges ahead, Rapino expects Live Nation’s European market to reopen by the autumn, and the Asian market to return in 2022 due to a delay in Covid vaccinations. “It’ll be a record 2022 and 2023,” he said.
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