Live Nation revenue dropped 98% year on year in Q2 2020, as the global promoter released its latest financial results.

The quarter ending 30 June saw an adjusted operating income loss of $431.9m (£324m) on revenue of $141.8m (£106.4m) for the company’s concerts division. However, Live Nation said it remains confident fans will return to live events “when it is safe to do so”, with 86% of concert-goers opting to keep tickets for rescheduled shows. It also noted “strong early ticket sales” for Download and Isle Of Wight festivals.

In a statement, the company said: “Over the past three months, our top priority has been strengthening our financial position to ensure that we have the liquidity and flexibility to get through an extended period with no live events. Our expectation is that live events will return at scale in the summer of 2021, with ticket sales ramping up in the quarters leading up to these shows.”

“Our expectation is that live events will return at scale in the summer of 2021”

Including tickets held by fans for rescheduled shows, Live Nation said it had already sold 19 million tickets to more than 4,000 concerts and festivals scheduled for next year.

Live Nation CEO and President Michael Rapino said: “While this is a challenging time for everyone – the live events business in particular – there are a few things that I am confident about: we are well positioned to weather this crisis, and we will get through this; when it is safe to return, we will have an abundance of fans and artists ready to enjoy live music again.

“Live Nation will do everything in its power to meet our responsibilities to artists, fans, our employees and everyone else affected by this shutdown by bringing back as much live music as fast as possible when it is responsible to do so.”