In May, rather unsurprising news surfaced, that concert giant Live Nation was reporting huge losses in revenue in their Q1 report. The company reported that their revenue went down in their first quarter from approximately $1,365,700,000 in 2020 compared to only $290 million a year later, in 2021. That was a loss of 79% of revenue. Today, Music Business Worldwide reported that things are taking a turn for the better.
Live Nation stated that their revenue in Q2 went up by $500 million compared to last year at the same time. This is an increase by 677%. The revenue went to $575.9 million in Q2 2021, up from $74.1m in Q2 2020. This isn’t all too surprising as the pandemic and shutdowns made concerts nearly impossible and highly unsafe. With restrictions being lifted and concerts being back on, the ticket sales went up. Live Nation also states one of the reasons of their revenue growth has to do with sponsorship commitments for 2022.
Live Nation events also saw an increase, from 100 in 2020’s Q2 to 1600 at the same time in 2021. The company just announced their special ticket sale, the $20 “All-In” tickets. For only $20 fans could buy tickets for concerts of Korn, Megadeth, and more.
Q1,2,3,4 are representing the fiscal quarters of a company. Traditionally they are from January to March for Q1, April to June= Q2, July to September make up Q3 and lastly October to December, Q4.
Just yesterday the company went under fire after an anonymous source claimed, Live Nation allegedly put a gag order in their contracts with artists, which allegedly told them not to talk publicly about their positive COVID results, so they could continue touring. The concert company denied these allegations and emphasized that they are taking the safety of band, crew and fans very seriously.