The sudden cancellation of concerts and events in the last few weeks of March meant a 21% decline in revenues for Live Nation and a $172 million loss for the quarter, nearly seven times what the company posted for the same period last year.
According to the company’s first quarter earnings report, released Thursday (May 7), over the first three months of the year Live Nation posted an earnings per share of .94 cents with revenues of $1.4 billion and a $20.1 million adjusted operating loss. Lost revenue impact for the quarter is $435 million.
Concert revenue for the quarter was $993.4 milion, down 25 percent from the same period last year, while ticketing revenue was $284.3 million, down 16 percent. The number of U.S. events in the first quarter fell from 5,675 in 2019 to 4,790 in 2020, while international events dropped from 5,957 in 2019 to 4,640 in 2020. Global attendance was down from 14.9 million fans in 2019 to 10.4 million fans in 2020, whole total estimate tickets sold slipped from 117.1 million to 91.5.