In addition to promoting live events such as concerts and festivals, Live Nation runs a ticketing business via Ticketmaster, which merged with Live Nation in 2009<\/a> to become Live Nation Entertainment.<\/p>\n Live Nation also owns and operates concert venues.<\/p>\n Live Nation’s business was severely impacted by the global pandemic.<\/p>\n According to an investor update<\/a> published in November 2020 (see below), in Q3 2020 \u2013 i.e. the period ended September 30 \u2013 the company generated revenues of $184 million, marking a 95% year-over-year decline compared with the $3.77 billion it generated in Q3 2019 from concerts, ticketing and sponsorship.<\/p>\n The firm told investors in its Q3 filing: \u201cWe estimate the lost revenue impact from the global COVID-19 pandemic in the third quarter and first nine months of 2020 to be approximately $3.7 billion and $7.0 billion, respectively.\u201d<\/p>\n Live Nation also revealed: that “a total of 5.2 million tickets were refunded in [Q3], amounting to just slightly over $500 million of gross transaction value\u2026 [and] a total of 23.3 million tickets have been refunded year-to-date, amounting to nearly $2.3 billion of gross transaction value”.<\/p>\n At -$19.8m<\/strong>, Live Nation\u2019s specific ticketing revenues were negative in Q3, having paid out more in refunds than it took in from sales.<\/p>\n In Q3 2019 (the prior year quarter), the company’s ticketing sales \u2013 the majority of which come from Ticketmaster \u2013 were $388.5m.<\/p>\n Within the concerts category specifically, Live Nation revenues also fell 95% year-over-year in Q3 2020, hitting $154.8m, down from $3.17bn in Q3 2019.<\/p>\n Sponsorship and Advertising revenues fell 78% year-over-year, from $215.2m in Q3 last year to $47.9m in Q3 2020.<\/p>\n Live Nation Entertainment\u2019s shares soared over 22%<\/a> on November 9, 2020 following the news that a COVID-19 vaccine candidate developed by pharma firms Pfizer and BioNTech had been found to be more than 90% effective.<\/p>\n The company’s shares peaked at $72.29 during trading on the New York Stock Exchange that morning \u2013 the company\u2019s highest\u00a0since March<\/a>\u00a0and the beginning of the pandemic.<\/p>\n
\nFinancial Results<\/h6>\n
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\nOther\u00a0 milestones<\/h6>\n
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