Live Nation is now canceling all upcoming concerts in response to coronavirus (COVID-19) fears, according to a report this morning. An increasing number of city and state government officials are banning large gatherings.
According to a report by Billboard, the cancellations will run through at least the end of March, at which point Live Nation executives will review the coronavirus’s containment status and consider the recommendations of health professionals in the hopes of resuming full-scale operations during the summer. Preliminary reports have also indicated that the indefinite postponements will apply to Live Nation concerts both in the United States and abroad.
The likes of Billie Eilish, Post Malone, and Tool, to name just some, have planned concerts under the Live Nation banner, and it’s unclear when these performances will be rescheduled. At the time of this piece’s writing, neither the impacted artists nor Live Nation executives had commented publicly on the matter.
As a result of the cancellations and the implications the coronavirus will have on Live Nation’s long-term fiscal outlook, the company’s stock (traded under the symbol LYV) has continued its share descent.
After plunging to $42 on Wednesday, the concert promoter’s per-share price has now dipped below $35 and bounced back slightly, all during the volatile last 24 hours. One month ago, before the coronavirus outbreak had expanded and been declared a pandemic, Live Nation’s stock was worth about $74 per share.
Earlier today, California’s Department of Public Health recommended that all public gatherings of more than 250 people be postponed until COVID-19 is fully controlled. Ohio Governor Mike DeWine took his state’s precautions a step further by extending spring break and banning all public gatherings of more than 100 people.
In a testament to the far-reaching nature of the COVID-19 pandemic, Canadian Prime Minister Justin Trudeau announced this afternoon that he’s self-quarantining himself because his wife is showing flu-like symptoms.
A second Utah Jazz player, Donovan Mitchell, has tested positive for COVID-19, and Universal Pictures has pushed back the release of Fast and Furious 9 to 2021.
Mark Cuban announced he’s buying now and stock is up 17% at the time of this post.
Michael Rapino and another exec are buying up share of Live Nation. Curious.