Live Nation CEO predicts a "robust outdoor summer season" for live music in 2021

The COVID-19 pandemic brought live music events to a halt, and the majority of music festivals around the globe were forced to pull the plug on 2020 events due to safety concerns.

Although the pandemic isn't over yet, Michael Rapino, the CEO of Live Nation, has revealed that he thinks there's light at the end of the tunnel for live music events in 2021.

In a memo shared with Live Nation investors (via SPIN), Rapiro wrote, "Importantly, we remain confident that fans will return to live events when it is safe to do so. Our strongest indicator of demand is that fans are holding on to their tickets, even when given the option of a refund. Through the end of the second quarter, 86% of concert fans are keeping their tickets for rescheduled shows, demonstrating their continued desire to attend concerts in the future despite the current uncertainty."

He added, "Our expectations for a robust outdoor summer season in 2021 are also reinforced by the two-thirds of fans keeping their tickets for canceled festivals so they can go to next year's show, along with strong early ticket sales for festivals in the UK next summer - for example, Download and Isle of Wight are pacing well ahead of last year."