John Malone, Liberty Media
Scott Eells | Bloomberg | Getty Photos
The coronavirus pandemic has pushed occasions on-line by necessity. However Liberty Media Chairman John Malone remains to be bullish about the way forward for reside occasions.
“I feel the thesis of reside occasions remains to be a very good one,” Malone mentioned throughout Liberty Media’s annual assembly of stockholders Thursday. “Human beings are gregarious by nature. And I can let you know right here in Florida, the bars are open and so they’re fairly packed. So … we’ll see.”
Malone is an icon within the media and cable industries, who constructed cable empire TCI within the 1970s earlier than promoting it to AT&T in 1999 for roughly $50 billion. Liberty Media operates and owns pursuits throughout the media, communications and leisure companies, together with stakes within the Atlanta Braves baseball group and live performance producer Reside Nation.
Malone mentioned he believes there might be a remedy and or a vaccine for Covid-19 “sooner somewhat than later that may get us again nearer to regular.”
“There’s undoubtedly going to be a hangover when it comes to valuations and like all the pieces else if this despair in valuation is extreme, it presents alternative for these of us who imagine within the longer-term thesis that this can be a good place to be, reside occasions,” he mentioned. “Notably the place you could have a considerable a part of the income that has little to do with the gate attendance and so much to do with tv and digital distribution.”
Greg Maffei, who’s Liberty Media’s president and CEO in addition to the chairman of Reside Nation Leisure, Sirius XM and TripAdvisor, mentioned the corporate has seen proof that there is nonetheless demand for reside occasions. He mentioned “effectively below” 10% of live performance clients have requested of refunds on postponed live shows, and talked about there are some Atlanta Braves ticket holders which have deferred tickets as a substitute of asking for refunds.
“There may be demand for reside occasions,” he mentioned. “The query might be what can we do on the planet of vaccines and therapeutics and social distancing to ensure these work for everyone concerned, safely.”