Cancellation income losses lead to live nation struggling in 2020
After COVID-19 (coronavirus) canceled all live concert events in 2020, Live Nation Entertainment Inc. (Live Nation) announced the creation of a Ticket Refund Plan for customers that received event cancellation notices. Despite cutting costs by $850 million and announcing $1.65 billion in cash savings, Live Nation suffered from revenue dropping 84% in 2020 compared with 2019. In 2021 however, the company has rebounded, announcing that revenue has tripled since 2020 and has grown to $6.27 billion, with an improvement of $1.2 billion in operating income.
COVIDIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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