The newly-spun off company's fiscal third quarter earnings show a 20% drop in revenue following the coronavirus-induced shutdown of live events in mid-March.
Any company that relies on people gathering in a confined space for multiple hours could not avoid poor quarterly earnings. Promoter Live Nation’s Q1 concert revenue fell 24%. German promoter CTS Eventim’s live entertainment business saw its Q1 revenue sink 40%. Agencies WME, CAA and UTA have thinned their staffs through layoffs, furloughs or both. Small venue owners around the country without cash reserves or access to capital are teetering on financial collapse.
Because MSGE was just recently spun off from the sports division, it opted not to have an earnings call to complement the earnings release. Fortunately, the 10-Q filing provided some insight into the quarter’s results and ongoing operations.Sporting events could return this year without fans -- presumably for a lower fee charged to the teams and zero concession sales each event.
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Source: NYMag - 🏆 111. / 63 Read more »