Live Nation has turned to the debt markets to weather the impact of COVID-19, while Premier Productions has launched new COVID-19 ticketing services…
Live Nation has announced plans to raise $1.2bn in a new debt offering in response to the COVID-19 crisis that has brought live entertainment to a stand still for more than two months.
The company has put up their debt for sale after the US Federal Reserve began its corporate bond buying program this week.
The size of the notes offering was increased from the previously announced offering size of $800m.
The notes, which will be due in 2027, will have an interest rate of 6.5% per annum and will be issued at a price equal to 100% of their face value.
The Ticketmaster parent company last month announced a $120m revolving credit facility loan and plans for $500m in cost cuts this year, including chief executive Michael Rapino forgoing his $3m salary.
Earlier this week, Live Nation said it will not return to “full scale” concerts until 2021, with the entertainment giant focusing on alternatives, such as livestreamed shows and drive-in events.
The firm, which owns Ticketmaster, announced the strategy as it reported a 21 per cent year-on-year drop in revenue for its first quarter to $1.37bn, with ticketing down 16 per cent.
Premier Productions, a US faith-based concert promoter, has unveiled several COVID-safe practices aimed at venues, staffing and ticketing.
The firm has announced three offerings as part of an initiative for the industry to adapt to a post-COVID-19 era. Premier Productions has published a ‘best practices’ manual entitled COVID-Safe Guidelines.
It also unveiled COVID-Safe Seating, via its Platform Tickets, a proprietary ticketing technology that has been Premier’s service for five years and has helped streamline the sale of more than five million tickets.
Premier has updated the service with local and state CDC guidelines based on re-opening phases, and can generate tickets in compliance with social distancing recommendations.
Premier Productions co-owner Shane Quick said, Pollstar reports: “As a leader in the live event industry, we wanted to make available to everyone, even competitors, the tools we’re developing as we look to re-engage in the live event marketplace.
“Serving others is part of who we are and we look forward to sharing what we know and are developing so that together as an industry we can safely bring live events back.”
Premier Productions produces more than 600 events per year, currently promoting artists and shows including Hillsong United, Dude Perfect, Lauren Daigle, the Gaithers, Hillsong Worship, Casting Crowns and others.
K-Pop super group BTS has revealed it will perform a paid-for live-streamed concert next month after its world tour was postponed due to COVID-19.
The paid-for concert Bang Bang Con The Live, which is scheduled to take place on June 14, will run for approximately 90 minutes and be followed with other content.
In April, the seven-person band postponed its entire ‘Map of the Soul’ world tour, which had been scheduled to kick off on April 25. It was due to have included concerts in Seoul, and Japan, Europe and North America.
BTS’ previous online streaming concert weekend, which included recordings of footage from past live concerts and fan meeting events, amassed 50.6 million views in total and a claimed 2.24 million concurrent viewers.