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Due to coronavirus, live music came to a standstill this year. Now, Live Nation is revealing just how much it’s been impacted by the recent event shutdowns.

Live Nation has reported that its second-quarter revenue has plummeted 98 percent.

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Earlier this year, both Live Nation and its partner Ticketmaster announced massive layoffs amid the pandemic. In April, Ticketmaster furloughed hundreds of its employees. Then, in May, Live Nation also furloughed 2,000 North American employees as part of its cost-reduction plans.

Now, it looks like Live Nation is clearly struggling financially during these uncertain times. According to the financial results, the second quarter officially ended on June 30, 2020. During this time period, Live Nation posted a net revenue of just $74.1 million, 98 percent lower than the $3.16 billion it earned in 2019’s second quarter. This all amounts to a loss of $431.9 million.

The company released a statement regarding its next steps. They hope that next year will bring more ticket sales and events.

“Over the past three months, our top priority has been strengthening our financial position to ensure that we have the liquidity and flexibility to get through an extended period with no live events,” the statement says. “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.”

According to the financial results, 86 percent of ticketholders are opting to keep their tickets for rescheduled shows. As well, over 19 million tickets have been sold for more than 4,000 concerts and festivals in 2021.

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CEO Michael Rapino is choosing to look on the positive side of things. He shares that ticketholders preparing for 2021 events is significantly helping both Live Nation, and the industry, stay afloat.

“Importantly, we remain confident that fans will return to live events when it is safe to do so,” Rapino says. “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.”

Back in June, it was reported that Live Nation may force artists to take pay cuts in 2021. The company is reportedly telling its partner companies to prepare to make various changes next year. Included in this new reported memo is a financial penalty artists will face if shows are canceled. At this time, Live Nation has not confirmed if these plans are true.

Numerous concerts and festivals are rescheduled for 2021. Most recently, Four Chord Music Festival announced its returning next year with blink-182 and the Used as headliners. As well, Aftershock is coming back in 2021 with headliners My Chemical Romance and Metallica.

Live Nation’s full second-quarter financial report is available to read here.

Are you holding onto tickets for rescheduled 2021 shows? Let us know in the comments below.