Live entertainment is back, says Joe Berchtold, President of Live Nation.
The company, which owns Ticketmaster, said 8 million people attended its shows in August, building on the momentum of the second quarter, when revenue rose 677% to $ 575.9 million per compared to the previous year.
“All of our festivals – Lollapalooza, Bonnaroo, Governors Ball – are selling faster than ever,” Berchtold said Wednesday on CNBC’s “Closing Bell”.
“We only had a 2% cancellation rate. It made the headlines. But in reality our participation was excellent, the shows continued, the fans are happy to be back. “
Attendance for the rest of the year is expected to continue to be below 2019 levels, Berchtold said, but 2022 “will be bigger than 2019”. He said the company’s concert pipeline was up double digits from two years ago.
Consumers, who haven’t been able to get together at concerts and live shows for over a year due to the Covid pandemic, “show up and spend money,” he said . At BottleRock, a music festival that took place this weekend in Napa Valley, members of the public spent an average of $ 80 per day on food and drink, a double-digit increase from 2019.
Berchtold said the company’s vaccination policy requires members of the public to be fully vaccinated or provide a negative coronavirus test to access events. More than 90% of Lollapalooza participants have been vaccinated, he said. Of these, 12% said they had been vaccinated because they wanted to attend the festival.
As for BottleRock, Berchtold said 96% of participants were vaccinated.
“We think it’s our responsibility and part of what we need to do to make sure everyone can come together safely,” he said.
He said less than 1% of ticket holders show up at sites without proof of vaccination or a negative Covid test.
“We usually found a place nearby where they can go for a test and still come back and watch the festival or the show,” he said.
A number of top musicians, bands and even comedians have recently announced or canceled tour changes. Korean pop group BTS and country group Florida Georgia Line have both canceled tours due to the ongoing pandemic. Michael Buble, Stevie Nicks, Korn, Kiss and Nine Inch Nails have also changed their performance schedules.
Most recently, comedian Patton Oswalt canceled tour dates in Florida and Salt Lake City in 2022 because venues would not comply with his request that attendees show proof of vaccination or provide a negative Covid test.
Broadway cinemas and theaters are also looking to get back on their feet after the pandemic crippled ticket sales and closed theaters. In many places in the United States, mask warrants have returned as the delta variant of Covid has led to an increase in cases among the unvaccinated and vaccinated.
The entertainment industries are hopeful that pent-up demand will bring audiences back and reinvigorate business.
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