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Live Nation reports massive financial loss in second quarter amid the coronavirus pandemic
Live entertainment might not return to Vegas until 2021
While the iconic Las Vegas Strip reopened in June, the doors remain closed to some of the world’s greatest live entertainment as Nevada works to curb the rise in coronavirus cases.
The full impact of the COVID-19 pandemic on the live concert industry was revealed when Live Nation reported a massive operating loss for its second financial quarter.
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As the world continues to change in the wake of the global pandemic, making people rethink large gatherings, particularly when they’re indoors, significantly fewer live performances have been put on and almost no tickets for new ones are being sold as specifics about a vaccine and a return to normalcy remain somewhat vague.
Live Nation reported a $588.1 million loss in its second quarter. Revenue for three months – ending in June 30 — totaled only $74.1 million, which marks a shocking 97% drop from the same time last year, which saw revenue marks of $3.2 billion.
CORONAVIRUS MADE 59M AMERICANS LOSE MONEY OVER CANCELED PLANS