Live Nation's President Joe Berchtold joined CNBC to talk about the live music industry handling the current shutdown & the return of live music.
He notes that people feel good that the Coronavius is nearing its apex, but that they will be apprehensive for quite some time about attending shows. He is hopeful that 12-15 months from now a vaccine will be in place and notes that Live Nation can get through the coming year without concerts and that they have enough resources to survive six, nine and even eighteen months without them, if necessary. The company's CEO Michael Rapino is forgoing 100% of his salary to help with cutting costs.
Berchtold believes that once concerts & festivals return they will be bigger than ever because both artists and fans are incredibly eager to get back to them.
Earlier this week a leading health official noted that concerts might not return until fall of 2021.