In the wake of the steep challenges the live-entertainment industry faces due to the coronavirus pandemic, Live Nation CEO Michael Rapino will forego his 2020 salary and senior executives will see …
will forego his 2020 salary and senior executives will see their salaries reduced by up to 50%, amid other cost-cutting moves and an amendment to its existing credit agreement that includes a new $120 million revolving loan facility.
The live-entertainment business — the primary revenue generator of the music industry — has been hit especially hard by the pandemic, with virtually every tour and concert taking place over the next few months postponed or cancelled. While touring-industry trade publication Pollstar projected a $12.2 billion year for the industry based on concert grosses from the first fiscal quarter of 2020 , : It now lowers that estimate to $9.9 billion if touring resumes in late May, and $3.
In the announcement, the company notes that it has had 8,000 shows impacted by the event stoppage starting in mid-March, with 15 million tickets sold for those shows. Of that total, 7,000 shows with 14 million tickets sold were postponed, accounting for 90% of tickets impacted. The remaining 10% of tickets, or 1.6 million, were for shows that were canceled. Refunds have been issued for tickets for all canceled shows, and the company expects to allow some refunds for postponed shows in the U.S.
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