Sophia Michaels
Following the recent outbreak of the coronavirus, music festivals across the globe have opted to cancel or postpone their events in order to discourage the congregation of massive crowds. Ultra and SXSW were the first major festivals to cancel, with Coachella recently announcing a postponement. On top of several events being postponed or canceled, the stock market continues to take a hit. So it comes as no surprise that the organizers of these high-profile events have also seen a stock devaluation as the virus continues to spread.
According to a report from Billboard, US stock prices of major concert organizers are beginning to decline. Live Nation, in particular, is seeing a major drop in stock valuation. Over the course of Wednesday alone, Live Nation’s stocks decreased by 16.6 percent at the New York Stock Exchange, which accounts for a loss of about $1.8 billion. Over the past month, Live Nation has fallen from $74.10 a share to $42.01 at the closing bell.
The Madison Square Garden Company is seeing a similar devaluation. The company — which owns Madison Square Garden (of course) and Radio City Music Hall — was down by 9.5 percent Wednesday. Meanwhile, CTS Eventim, the international promoter and ticketing company, saw a 6.5 percent drop.
Along with stock prices falling and major festivals choosing to cancel, other touring musicians are opting for the same route. Miley Cyrus recently announced her Australian bushfire charity concert won’t be happening, Pearl Jam postponed their Gigaton tour, and Cardi B said her single’s release date is being pushed back due to the virus.
Read more of Uproxx’s coverage on the coronavirus here.
Written by: Uproxx
