Live Nation revenue dived 95% year-on-year in Q3 as the pandemic continued to pummel the touring business.
The world's biggest promoter posted revenue of $184 million (£138m) in the quarter, down from $3.77 billion (£2.82bn) in the same period last year, according to the company's latest financial results.
Its concerts arm was down $154.8m (£115.8m), while its ticketing business, Ticketmaster, made a loss of $19.8m (£14.8m), compared to profits of $3.17bn (£2.37bn) and $388.5m (£290.8m) in Q3 2019, respectively. Revenue plummeted by 98% YOY in Q2.
Michael Rapino, Live Nation president and CEO, said: "While we see signs of promise around the world as some live events return, most regions we operate in continue to have various restrictions on live events. For now, we continue to maintain a strong cash management discipline, while planning for the ramp up to resume live shows as soon as possible.
"We are encouraged by progress on testing technology, treatments and vaccines, which helps us build our plans. We still expect shows at scale next summer, but recognise that the exact timeline of this return will vary by region, and so we continue to focus on remaining flexible."
As we look ahead, It is clear that the path to live will not be a straight line
Michael Rapino, Live Nation
Rapino said demand remained "strong" across the board, with 83% of fans keeping their tickets and 95% of fans planning to return to live music events when restrictions are lifted.
Ticket sales for the UK's Reading, Creamfields and Isle Of Wight festivals in the UK were ahead of the same time last year, he said, while business was "headed back to normal" in New Zealand.
"As we look ahead, it is clear that the path to live will not be a straight line," he added. "As such, we will maintain flexibility and focus on innovating during this time."
Last week, Ticketmaster unveiled the development of SmartEvent, a new suite of technology tools to help fans safely return to live events. The system gives event organisers the ability to adapt protocols to meet evolving needs of capacity, distancing and other logistics.
"Ticketmaster is creating the tools we will need to make sure live events can deliver a variety of safety precautions when returning and enhance the fan experience well into the future," said Rapino. "We recently unveiled SmartEvent, which includes new products such as our social distancing seat mapping tool and timed entry technology that have been created to give venues the flexibility to plan how to manage everything from venue access to box office interactions.
"On the concert front, Live Nation is developing a set of standards for executing shows at our venues. We are collaborating with health experts to create show guidelines that put in place procedures which can adapt to various situations, across all regions. From venue sanitation procedures to fan-friendly policies on ticket purchases and the latest testing options, we are setting standards that will give fans, crews and artists peace of mind before, during and after the show."
