According to Live Nation Entertainment, concert venue bookings are picking up again as artists plan for in-person events later this year and next.
The company is optimistic that ticket demand will follow as more concerts are announced.
“What we’re seeing so far is the number of shows we’ve booked in our big buildings, our arenas, our amphitheatres, our stadiums are running double digits ahead of where we were in 2019. Not all of those tours have gone into the 2019 season yet. We have a lot of them on sale every week now,” Joe Berchtold, the president, told CNBC’s “Closing Bell” on Monday.
The company predicts that the demand for concerts will remain high in the coming years as a result of the pandemic. The company’s stock is up nearly 25% this year, giving it a valuation of more than $20 billion.
Berchtold also said it’s too early for the company to predict what public health precautions will be needed in a few months’ time, with the Centers for Disease Control and Prevention updating their guidelines regularly.
“So instead of trying to dictate a global one-size-fits-all, we’re looking for local health officials to tell us what makes sense in that market at the time and how we can continue to develop it,” Berchtold said.
Live Nation is branching out into streaming and non-replaceable tokens, or NFTs. In January, the company acquired a majority stake in live streaming platform Veeps.
“We’re using that to scale up live concert streaming for those who can’t make a show,” Berchtold said. “We’re also very focused on NFTs, how we create digital memorabilia. One of the things that unfortunately you lose with digital tickets is that you lose those ticket slips that so many people like to keep as their record of the event.”