Why Is Live Nation Winning Where Cruise Lines Are Losing?
Caught between a rock show and a hard place, Live Nation (NYSE: LYV) has seen better days. The country's leading concert promoter has seen its business all but fade out since the pandemic forced venues to cancel performances. Revenue plummeted 98% in Live Nation's latest quarter, one of the sharpest year-over-year declines this earnings season.
Outside of Norwegian Cruise Line (NYSE: NCLH), with a 99% plunge in revenue for the same three months, it's hard to find a company that's seen its business get hit harder. However, there's one thing that Live Nation has over NCL and larger cruising peers Carnival (NYSE: CCL) and Royal Caribbean (NYSE: RCL). A whopping 86% of ticket holders for canceled Live Nation events were still holding on to their seats for rescheduled shows as of the end of June. The three cruise lines are retaining far fewer of their passengers bumped from nixed sailings.
What's going on here? What can Carnival, Royal Caribbean, and Norwegian Cruise Line learn from Live Nation? Let's take a closer look at the different situations.
Source Fool.com
