Hollywood-based Ticketmaster has promoted three top executives as part of the company’s restructuring toward a global business model.
According to industry trade publications, Jared Smith is being promoted from president to global chairman to oversee Ticketmaster’s business across 31 international markets, including North America. Chief Operating Officer and President Amy Howe will become global chief operating officer, and Mark Yovich is moving from his post as international president to president of Ticketmaster’s global business.
The company declined to comment on the executive changes, first reported on Aug. 14 in Billboard. A source close to the company confirmed the promotions had been in the works since last year and did not represent a direct response to the coronavirus pandemic that has wreaked havoc on Beverly Hills-based Live Nation Entertainment Inc., the larger entity formed in 2010 when Live Nation merged with Ticketmaster.
Earlier this month, Live Nation announced revenue had plummeted 98% in the second quarter due to concert cancellations that began in mid-March. According to Billboard, Live Nation had only 24 concerts in North America during 2020’s second quarter, compared to 7,213 concerts in last year’s second quarter.
The company’s revenue was $74 million for the quarter, down from $3.2 billion for the same period in 2019, and its net loss reached $568 million.
Live Nation recently has taken steps toward a comeback. The company replaced the annual Lollapalooza four-day music event traditionally held in Chicago with the Lolla2020 virtual festival that was broadcast July 30-Aug. 2 exclusively on YouTube.
On Aug. 10, Live Nation Canada presented streamed live concerts from the Commodore Ballroom in Vancouver and the Velvet Underground in Toronto.
Live Nation also has announced it will return to live music events on Sept. 4 in Dusseldorf, Germany, with a live concert for 12,000 fans.
That event will call for masks, social distancing and an alcohol ban, among other precautions. According the company website, guests also will have to register their contact details when buying their tickets.