Live Nation Entertainment Inc.

While the timing and pace of its recovery from the pandemic remains uncertain, we believe a return to large-scale live music events will likely occur in the second half of 2021, by which time we assume a safe and effective coronavirus vaccine will be available and widely distributed in Live Nation's key markets. However, we expect the resumption of live music events to vary broadly by geography, local social distancing regulations, event type, and audience demographics. Specifically, we expect shows at outdoor venues like festivals and amphitheaters to return before those at indoor venues such as arena tours and concert halls. In addition, while we expect most shows to return at half capacity or greater, we anticipate that social distancing

...The ongoing coronavirus pandemic will cause Live Nation to generate minimal revenue until the return of live events, which we expect will occur in the second half of 2021. Global social distancing efforts and government policies aimed at controlling the spread of the coronavirus have led to the cessation of live music events for Live Nation since March 2020, which caused its revenue to decline by about 95% year over year during the second through fourth quarters of 2020. For full year 2020, the company's total revenue declined by about 84% due to the thousands of canceled and postponed concerts and events. While the timing and pace of its recovery from the pandemic remains uncertain, we believe a return to large-scale live music events will likely occur in the second half of 2021, by which time we assume a safe and effective coronavirus vaccine will be available and widely distributed in Live Nation's key markets. However, we expect the resumption of live music events to vary broadly by...

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