Concert giant Live Nation is planning for crowdless shows and drive-in concerts. On an investor call Thursday, the company said it will “dabble in fanless concerts” as COVID-19 lockdown continues
Rapino also said the potential testing could happen in other countries that have fared better through the health crisis. Any such testing, Rapino said, would happen when it’s safe and reopening phases start to commence.
“You’re going to see us in different countries, whether it’s Finland, whether it’s Asia, Hong Kong — certain markets are farther ahead — we kind of look at over the summer there will be testing happening,” Rapino said. He added: “So it’s important for us to keep doing drive-in concerts, which we’re going to test and roll out, which we’re having some success with, fanless concerts which have great broadcasting opportunities, reduced capacity festival concerts, which could be outdoors, could be in a theater, could be in a large stadium floor where there’s enough room to be safe. We have all of these plans in place depending on the market and where that local city may sit in their reopening phases.
Live Nation had previously announced a series of cost-cutting measures to soften the blow that included CEO Michael Rapino forgoing the remainder of his $3 million salary, with other executives taking up to 50% salary reductions. The company also introduced furloughs and hiring freezes and opened up a $120 million revolving credit loan. The company is now targeting $600 million in cost cutting measures for 2020, it said on Thursday’s earnings call.
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