Live Nation President Joe Berchtold is optimistic about the recent COVID-19 vaccine news, according to his interview with CNBC’s Squawk Alley, according to BrooklynVegan. Berchtold told the outlet that he expects amphitheater and outdoor shows to resume by next summer, without social distancing necessary.

Berchtold referenced the recent music festivals opening up in Australia and New Zealand, and stated that some markets in Asia have been opening up as well. Vaccines have opened up in the UK today, while U.S. President Elect Joe Biden promised to distribute 100 million doses during his first 100 days in office.

“In the key U.S./Western European markets, it continues to be our expectation that by next summer, we’re back with our major outdoor shows—our amphitheaters here in the U.S., festivals globally,” Berchtold stated. “We’ll be able to do those shows.”

While Berchtold is expecting a reopening in summer of 2021, this is a bit ahead of what healthcare experts were projecting earlier this year. These experts projected a fall 2021 reopening, as large gatherings would be  allowed to open last in an organized reopening plan.

It’s been a rough year for Live Nation and the events industry in general due to the COVID-19 pandemic, which effectively shut down all concert tours. Live Nation stock eventually fell by 50 percent in the wake of pandemic, with the company eventually selling $800 million in bonds to help raise funds. The company did see positive results due to the COVID-19 vaccine news however, as its stock rose over 20 percent following Pfizer’s announcement.