Global live entertainment giant Live Nation Entertainment posted losses of $ 1,281.2 million (€ 1,083 million) in the first nine months of 2020, compared to net profit of $ 229.8 million (€ 194 million). recorded in the same period of 2019, as a result of the collapse in the celebration of concerts and live events due to the Covid-19 pandemic.
In fact, until last September the company reported holding a total of 7,580 events around the world, a quarter of the 27,587 that took place in the first nine months of 2019.
In this way, Live Nation’s turnover between January and September fell to 1,623.8 million dollars (1,372 million euros), 81% below the income recorded in the same period last year, with a 82% drop in concert revenue and 84% in box office, while advertising billing fell 65%.
Between July and September, the company posted a net loss of $ 528.9 million (€ 447 million), compared to a profit of $ 178.9 million (€ 151 million) in the third quarter of 2019.
Live Nation’s turnover in the third quarter suffered a drop of 95% compared to the same period of 2019, to 184 million dollars (155 million euros), including a decrease of 95% of the income from concerts and losses of 19.8 million dollars (17 million euros) per box office, while advertising revenue fell 78%.
In the third quarter, the company reported holding 367 events, compared to 9,128 held globally in the same period in 2019.
At the end of the third quarter, Live Nation had cash and cash equivalents amounting to 2.6 billion dollars (2,194 million euros), including 951 million dollars (802 million euros) of free cash, which, together with 963 million dollars (813 million euros) of available debt capacity, provides the company with more than 1.9 billion dollars (1,605 million euros) in available liquidity.
“The company believes that this level of liquidity gives it the ability to finance operations until the expected return of large-scale concerts in the summer of 2021, preceded by the sale of tickets at the beginning of the year,” said the multinational.
