Look at Live Nation’s optimistic view of the return of live music
Perhaps it’s bravado designed to push up it’s stock price or perhaps they know something the rest of us don’t, but Live Nation is pushing an optimistic view of how soon live music will return in both the US and globally.
In a letter to investors, CEO Michael Rapino wrote:
“The supply-demand fundamentals of the concerts business remain strong, with artists ready to get back on the road and fans eager to reconnect at events. All our data continues to show that there is substantial pent-up demand for concerts on the consumer demand side. The $2.4 trillion projected surplus in savings in the U.S. alone by June is a key indicator of consumer spending potential. At the same time, surveys demonstrate the high demand for concerts globally, with 95% of fans likely to attend a show when restrictions are lifted. This is proving out in fan behavior as well, with 83% of fans continuing to hold onto their tickets for rescheduled shows.
Given the limited touring activity in 2020 and 2021, the pipeline for 2022 is much stronger than usual, with almost twice as many major touring artists on cycle in 2022 than a typical year – about 45 artists versus the usual 25. And there remains plenty of scheduling availability…
So while the timing of our return to live will continue to vary across global markets, every sign points to it beginning safely in many countries sometime this summer and scaling further from there.”