Live Nation CEO Michael Rapino predicts live music will bounce back in 2022.
The entertainment company’s share price just reached an all-time high, peaking at $91.18. This is approximately $15 higher than pre-pandemic shares and reflects the demand for live events to return.
Reading Festival and Creamfields are cited as proof of this demand, as both have experienced rapid sell-outs in the UK. However, the return of live events is expected to “vary across global markets” as coronavirus vaccines become more widely available.
Despite Live Nation’s billion-dollar loss in 2020, Rapino is hopeful due to strong demand for tickets and successful vaccination programs. He sees shows returning based on region in 2021 — and 2022 being a major year for international tours.
Taking questions from analysts, Rapino said, “So while this past year has been challenging for the company, our employees, fans, artists and so many others globally impacted by Covid, I have never been more excited about the opportunities in front of us.”
“It appears that the timing to release [fans’s] pent-up supply and demand is now approaching. Vaccine distribution is accelerating, and declines in Covid cases throughout most of the world gives us even more confidence that a safe and meaningful return to shows will soon be possible.”
H/T: EDM.com, Source: IQ Mag | Photo via Marc Van Der Aa for Insomniac Events