Live Nation Entertainment CEO Michael Rapino told CNBC that the US concert industry is “fully open” after the long disruption due to COVID, with a busy summer lineup with concerts and festivals. The leader of the entertainment giant has expressed optimism that the current trend will continue, despite concerns from public health officials over dangerous new variants of the COVID-19 virus and difficulties in convincing refractories to get vaccinated.
“We are very excited about the US market,” he told CNBC’s Julie Boorstin on the Energy lunch program of a conference in Sun Valley Idaho. âYou know, 70% of our business will be in the US and UK. Both of these markets appear to be on the right track. In America, we are completely open at this point.
Michael Rapino told Boorstin that the European market is expected to reopen more fully from late summer and fall, with Asia likely to reopen more in 2022. With so many artists looking to resume touring after the forced break in For a year and a half, the current struggle is as much about finding the right places and dates to organize a tour with so much competition for space.
âWe’re going to make sure we don’t give all four shows in a week and you have to pick one,â he said. âWe are going to distribute them over a few years and over a few markets. So we see pent-up demand as high availability, but we’ll also make sure the consumer has time to buy it.
Live Nation Entertainment (NYSE: LYV) action rebounded from an initial crash as COVID took hold and events were canceled across the world, setting records. After trading in early 2020 at around $ 70-75 per share, the stock fell to $ 30 per share in early April, before cost-cutting measures helped restore investor confidence, despite reports. subsequent reports indicating that his loss of wages was much more temporary than originally believed. Stock prices rose steadily throughout 2020, then broke previous highs to hit the $ 80- $ 90 range in early 2021, where they largely remained, closing at 82. $ 07 Thursday afternoon.
His comments came as a conservative group launched a negative ad campaign targeting both him and his company on their so-called “wake-up call” policy, which the ad says is designed to distract consumers from their failures and failures. their high fees. Neither Rapino, Live Nation nor Ticketmaster issued a response to the negative campaign.