Live Nation CEO Says Concert Business is Now ‘Fully Open’

Live Nation Entertainment CEO Michael Rapino has reassured the U.S. this week that the concert business is now fully open.

That’s according to comments he told CNBC on Thursday as a summer lineup unfolds after more than a year of coronavirus pandemic-related disruptions.

“We’re very excited about the American market. You know, 70% of our business is going to be the U.S. and the U.K. Those two markets seem on track,” Rapino said.
Rupino also said that Live Nation, who owns Ticket Master, will offer contactless payment methods at concert venues.

“We used Covid to do a lot of rebuilding infrastructure programs, product around Ticketmaster, but contactless was a big piece we accelerated,” said Rapino, who has led Live Nation since 2005. “You’ll now go to venues and you’ll be able to get in that venue, buy your ticket, buy that beer, buy that T-shirt contactless through your app through the web.”

The company is hosting 30 nationwide amphitheater tours at full capacity beginning this week, the CEO said.

Later in the month it’s putting on the Rolling Loud festival in Miami, which is expected to bring in around 200,000 people. There will be 10 to 15 music festivals this summer, he said.

Looking into 2022 and 2023, artists will not perform “unless they have the weekends, and the right cities and the right markets.”

“We’re going to make sure that we don’t … give the four shows in one week and you’ve got to pick one,” explained Rupino. “We’ll spread those over a couple of years and a couple markets. So we look at the pent-up demand as lots of availability, but we’re also going to make sure the consumer has time to buy it.”

Rapino expects Live Nation’s European market to reopen later this summer and in the fall however Asia will not be back in business until next year due to a delay in Covid vaccinations.

Live Nation shares remain up 11.7% YTD.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.