Live Nation may well be one of the biggest companies to suffer because of the worldwide Coronavirus pandemic. The CEO Michael Rapino downplayed the outbreak’s effect on the revenue of the company, pointing out many big events they throw occur after May. “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,” he tells Digital Music News. Despite concerns and event cancellations in the state of California, they and Insomniac’s Beyond Wonderland festival is still slated to take place in a week.
Despite these claims, large festivals like Coachella and Ultra have delayed their events until after the dust settles on the issue. Wall Street is taking the cue from these and the many artists who are canceling events and even tours in the Spring, dropping Live Nation’s stock price down 16.5%, the equivalent of roughly $1.8 Billion.
The reactions to this pandemic continue to grow, with the president banning travel between the U.S. and Europe for 30 days.
Leave a Reply