Concert hall bookings are rebounding as performers start planning in-person events later this year and next, according to Live Nation Entertainment.
The company is optimistic that demand for ticket sales will follow as more concerts are announced.
“What we are seeing so far is that the number of shows that we have booked in our large buildings, our arenas, our amphitheatres, our stadiums, these are increasing in double digits compared to what we were in 2019. Not all of those tours are gone. on sale yet, we have a lot of them on sale now every week, âJoe Berchtold, its president, told CNBC’sâ Closing Bell âon Monday.
The company predicts that demand for concerts will continue to be high over the next several years due to the pandemic. The company’s stock has risen nearly 25% this year, giving it a valuation of more than $ 20 billion.
Berchtold also said it was too early for the company to predict what public health precautions will be needed in a few months, with the Centers for Disease Control and Prevention regularly updating its guidelines.
“So rather than trying to dictate a single global size, we are looking to local health officials to tell us what makes sense in this market at this time and how to continue to evolve it,” Berchtold said.
Live Nation is branching out into streaming and non-fungible tokens, or NFTs. In January, the company acquired a controlling stake in the live streaming platform Veeps.
âWe use it to increase the streaming of live concerts for those who can’t do a show,â Berchtold said. âWe’re also very focused on NFTs, the way we create digital memories. One of the things you unfortunately lose with digital tickets is that you lose those ticket stubs that so many people like to keep like. trace of the event. “