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Live Nation Entertainment (LNE) said its long-term debt grew to $4.849 billion during Q3, compared with $3.271bn (£2.4bn) at 31 December last year.

LNE reported a 95% year-on-year decline in revenue during Q3 to $184m (£137.7m), and an 81% year-to-date revenue decline to $1.6bn (£1.2bn) from $8.6bn (£6.4bn) achieved in the same period last year.

However, CEO Michael Rapino said the company was well positioned to bounce back, with customer surveys suggesting strong demand for events, and 83% of fans are retaining their tickets for rescheduled shows.

Ticketmaster’s parent company, LNE said festival on-sales for next year have been strong in ther UK, with ticket sales for Reading (cap, 90,000), Creamfields (70,000) and Isle of Wight (42,00) festivals all currently ahead of the totals achieved at the same time last year.

LNE said its revenue from concerts during Q3 was $154.8m (£115.2m), down 95% from $3.17bn (£2.37bn) during the same period last year. Ticketing revenue stood at -$19.8m (-£14.8m) compared to $388.5m (£291m) in Q3 last year. Attendance fell from 31.6m to 269,000.

LNE CEO Michael Rapino said that given that 80% of LNE’s shows have been rescheduled rather than cancelled, and almost all fans are holding on to their tickets, he believes the company can return to show volume and fan attendance in 2021 consistent with “what we’ve seen in recent years”.

He said LNE will start staging shows again once the facts and science support the move: “We are working with the government at the federal and state levels in the US and across all countries, building plans that fit within reopening phases for each specific market. In the meantime, we have fortified our balance sheet to have the resources to ramp up quickly when the time is right.

“Throughout all this, we remain motivated by the long-term potential of global live events. It is in our DNA to gather, socialize and celebrate and, as we provide reassurances on health and safety at the venues, we expect our business to build back. Live Nation is best positioned in the live ecosystem to play the long game, capture new opportunities and continue leading the industry into the future.”