Less than one week after unveiling a controversial memo featuring revamped artist-compensation specifics for the 2021 concert season, Live Nation has walked back some of the proposed terms.
Charles Attal, founder and co-president of Live Nation subsidiary C3 Presents, detailed the move away from the contentious payout policy changes in a recent interview.
Describing the memo mainly as a starting point for 2021 performance guidelines, Attal told Pollstar that the most poorly received element — requiring artists to pay twice their agreed upon fee when they cancel a show — has been nixed from all new Live Nation contracts.
And in defending the 20 percent reduction in artist guarantees, Attal shed light upon Live Nation performer contract clauses that increase compensation when festivals perform well financially. As Attal (and others live event execs) are anticipating a lucrative 2021 for music festivals, this point may prove capable of upping musicians’ pay past 2019 levels, he stated.
Lastly, Attal relayed that Live Nation is in the process of negotiating the fine points of 2021 contracts with artists, and that the discussion is particularly fluid because of the unprecedented impact of the COVID-19 crisis.
Various industry associations – including the Artist Rights Alliance (ARA) – have sent the House Judiciary Committee a letter decrying Live Nation’s proposed 2021 terms. Additionally, the ARA has started a petition opposing the 2021 performance-agreement details – especially the (former) cancellation fee and the 20 percent payout drop.
On Monday, Digital Music News was first to report that Live Nation will host a drive-in concert series, dubbed “Live from the Drive-In,” next month. Brad Paisley, Darius Rucker, and Nelly have been booked for the multi-city endeavor.
Live Nation’s stock, bought and sold under the symbol LYV, parted with almost six percent of its worth during today’s trading hours. The brand’s per-share price exceeded $57 earlier this month, but closed at $44.18 this afternoon.