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Live Nation stock crashes, loses $1.8 billion in one day, pausing all tours

Jordan Miller

By Jordan Miller
in Politics & Global News

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Jordan Miller Master

Jordan Miller

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The Coronavirus is taking its toll on the music industry. :katycry:

Coachella, Stagecoach, Ultra, SXSW and a bunch of tours are feeling the pressure. 

Touring power house Live Nation is also feeling its effects. BIG TIME. Their shares dropped 43.3% over the past month. 

According to Digital Music News, on March 10th, "Live Nation’s market cap was measured at approximately $10.8 billion, a figure that plunged to $9.01 billion."

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Just ten days ago, Live Nation CEO Michael Rapino was downplaying coronavirus concerns, while pointing to a temporary disruption. “Most of our business doesn’t start until the middle of June onwards,” Rapino stated. “So the next few months, we’ll have some cancellations, I assume, here and there in some arenas and clubs, but the heart of our business happens this summer.”

Wall Street investors are less convinced of that breezy assessment. Earlier this week, we reported on a major slide in shares of Live Nation (LYV). Today, that slide became an avalanche, with shares dropping an additional 16.5% amidst rising concert cancellations and coronavirus pandemic concerns. Doing the math, the one-day plunge on Wednesday amounted to roughly $1.8 billion in stock market valuation.


They have also instructed all tours come to a halt. The announcement affects all Live Nation tours, domestically and internationally, Billboard reports.

The World Health Organization has declared the worldwide outbreak of the new coronavirus a pandemic. :hideous:

Thoughts? :mj:

 

live-nation-coronavirus.jpg

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Puppy Master

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28 minutes ago, Barajas said:

hmm this is going to be a boring and yet stressful year... 
FU COVID 19

This is all Lou’s fault, if she would release Britney and make the whole world happy again, we wouldn’t be in this situation :crying2:

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Barajas Veteran

Barajas

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14 minutes ago, DarkOut said:

:bernienope: It's not boring for passionately political Americans (like I am). 

Biden better "entertain" more with some ultra obvious "gaffs" so he can go down. :bernienope:

Hoo yes.. you have elections in USA... that will be interesting to watch while we are secluded at home waiting for the COVID 19 vaccine haha :forkit:.

Im also into politics, but sometimes those can be stressful as well I think haha. 

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RadicalOptimism Master

RadicalOptimism

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3 hours ago, IUSM said:

This is why Britney cancelled her Domination residency. We stan a Queen with premonitions.

:queenflopga:

But yes, indeed, the entertainment industry will be hit hard (concert venues, cinemas, etc.).

This is what I’m saying. The queen knew Contagion was inevitable. That’s why she’s in isolation right now :gloria:

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