Live Nation loses a whopping $1.8 billion in stock value due to coronavirus cancellation fears
With coronavirus causing for cancellations or postponements of what is essentially nearly every major music festival right now, this means that a lot of money is to be lost, and event organisers, artists and businesses that rely on large scale events are feeling the worse of the aftermath regarding income and business related means. It’s heartbreaking that the effects are felt this badly for not just our electronic community but for the music industry as a whole, and the behind the scenes effect are rippling and in current news Live Nation Entertainment is one of the companies most affected.
Founded in America in 2010, Live Nation is one of the titans when it comes to organising events and being a ticket outlet for events not just in America but worldwide. This means that current cancellations and fears are hitting them hard, but no one had predicted it would hit them just quite as hard as it has done. As it stands, the company’s stock has crashed by a whopping 16.6% which translates to a hefty loss of $1.8 billion in stock value.
Their share price is down from 29.7% or $59.77 to $42.01 just three weeks after they hit a year high stock of $76.08, and it’s not far from cutting their value completely in half. For a massively influential company like Live Nation, this is an inconsolable loss and only continues that domino effect of making other things fall down with it.
Below you can see a chart that visualises some losses. Google has a chart in which you can follow here.