LiveOne Cancels Spring Awakening Cancun After $3M Loss in Chicago
Spring Awakening Excursions: Cancun Awakening was scheduled to take place from Jan. 13-17, but is off "due to the heightened concern of the COVID variants."
Global livestream platform and promoter LiveOne is taking its destination festival Spring Awakening Excursions: Cancun Awakening off the table for 2022. The live music festival was scheduled to take place from Jan. 13-17, but has been canceled “due to the heightened concern of the COVID variants.”
The destination event included accommodation for four nights at Grand Oasis Cancun, along with pool parties, all food and beverage included and more. Grizz, Zedd’s Dead, Dillon Francis and more were expected to headline the event before its cancellation.
The announcement of the Cancun cancellation follows a difficult fall for the company’s live events. According to a release from LiveOne, the “recent live EDM music event, Spring Awakening Music Festival: Autumn Equinox held in Chicago in October, was seriously impacted by the Delta COVID variant as well as adverse weather which caused the audience to be evacuated due to lightning.”
Festival-goers were asked to leave the grounds on the first night due to lightning, but were able to return later in the evening. The rain persisted the next day, but attendees were safe to remain at the festival. The complications caused LiveOne to take a $3 million loss on the Chicago festival. LiveOne said it is actively pursuing an insurance claim to cover the costs incurred in connection to Autumn Equinox and “expects a material recovery of its costs.”
The Chicago event is produced by the LiveOne subsidiary React Presents. LiveOne also owns LiveXLive, PodcastOne, Slacker Radio, Gramophone Media and Palm Beach Records.
Given the cancellation and rescheduling of planned live events as well as the challenges incurred at the Chicago festival, LiveOne has updated its guidance for fiscal year 2022 which ends March 31, 2022. The company is now expecting revenue between $110 million – $112 million with ($8 million) in adjusted EBITDA (Adjusted Earnings Before Interest Tax Depreciation and Amortization) for 2022. LiveOne had previously forecast fiscal year 2022 revenue of $115 million to $125 million with an $8 million adjusted EBITDA loss.
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