As North America enters the third month of its self-imposed public health lockdown ruling out any kind of live music event or mass gatherings, concert promoter Live Nation has managed to remain in the headlines for one reason or another.

Since ceasing all of its produced tours and concert events in mid-March, the publically traded event promotion giant has had to work its way around establishing a ticket refund policy after facing consumer backlash, sell $500 million in company shares to the kingdom of Saudi Arabia, and see its subsidiary, Ticketmasterfurlough a quarter of its North American workforce. Live Nation CEO Michael Rapino, however, remains confident in the company’s ability to adapt to the current state of the industry enough to survive the country’s economic onslaught while other independent venue owners begin to face the harsh realities of the global pandemic.

Rapino shared his thoughts on how the company will look to adapt and overcome the current pause on live events and discussed his take on industry trends during Live Nation’s first-quarter earnings teleconference event on Thursday. As pointed out by Variety, Live Nation’s concert revenue saw a 25% decline during Q1, while ticketing was down 16% and fan attendance was down 6.2%,  unsurprisingly. Yet, 90% of the company’s patrons continue to hold onto their already-purchased tickets rather than seeking a refund in hopes that the concert machine will be up and running again within a year’s time.

Related: Major American Live Event Companies Continue To Push For More Government Aid During Shutdown

“In a survey we just posted, we talked to 10,000 casual and ongoing ticketbuyers and the data is pretty compelling,” Rapino said during Thursday’s call to shareholders. “We’re running somewhere between a 5-10 [percent] refund rate right now on a global basis, that’s much lower in Europe, and that’s not out of line for when we reschedule a traditional tour. Now we’re just going to [watch] the science and see when we can back out there on a safe manner.”

Though the company has plenty of money stashed away for the coming months—$870 million in liquid cash, $900 million untapped liquidity according to President Joe Berchtold—Live Nation is hoping its Q4 earnings from ticket sales for events planned for 2021 will help kickstart their flow of income following a practically empty spring and summer schedule.

Rapino continued, “We have a lot of shows, and looking at this as a glass half-full, thankfully our shows are not time-dependent: Fans wanted to see Billie Eilish in March, but they’ll wait till October or until February, because the average customer goes to two-and-a-half shows a year. The industry has never come together this well, agents, artists, buildings, promoters, managers, we’re all in the same boat, and we’re all saying, ‘How do we move availabilities?'”

Rapino has also been a public supporter of European concert promoters that are adapting to city and state-sanctioned Stay-At-Home orders with outdoor performances formatted similar to drive-in movies that have already emerged in countries like Denmark and Lithuania.

“Whether it’s in Arkansas or a state that is safe, secure and politically is fine to proceed in, we’re going to dabble in fanless concerts with broadcasts,” Rapino said about new concert formats while states begin to loosen their stay-at-home orders. “We’re going to go and do reduced capacity shows because we can make the math work … It’s important for us to keep doing drive-in concerts, which we’re going to test and roll out, which we’re having some success with, fanless concerts which have great broadcasting opportunities, reduced capacity festival concerts, which could be outdoors, could be in a theater, could be in a large stadium floor where there’s enough room to be safe. We have all of these plans in place depending on the market and where that local city may sit in their reopening phases.”

[H/T Rolling Stone]