Live Nation wants to become the TSA of concerts to make sure 2021 is live
Ariana Grande fans are having withdrawal... and concert giant Live Nation is saying "thank u, next" to 2020 (48 more days). Live Nation's sales were down 95% last quarter because it was 0% live. The previous quarter was even worse, since festival season was cancelled (#Nochella). Still...
- 83% of concert-goers kept their tickets for rescheduled shows last quarter, keeping Live Nation's refund rate low. It still lost over $1B since January.
- Live Nation has already sold 19M tickets to 4K+ concerts scheduled for 2021, so it's invested in them actually happening.
Do I have to take off my shoes?... Live Nation's Ticketmaster unit is reportedly working on a TSA-like plan to go live. Ticketmaster wants to check your COVID status before you step foot in its venues.
- After buying a ticket, you verify that you've been vaccinated OR that you've tested negative for COVID-19 no more than three days before the concert.
- Your test results get delivered to a health pass company like CLEAR. If you test negative, CLEAR tells Ticketmaster you're good to rock.
This could be a framework for all live gatherings... Live Nation wants to lead the "Return to Live." A vaccine could be widely available by April, as Dr. Fauci suggested following the promising Pfizer news. But until enough Americans get vaccinated (could be a while), Live Nation will have to prove it can operate safely enough. If it succeeds, others like Eventbrite could follow.