Coronavirus has infected the music industry. Live Nation is planning to pause all current tours until the end of March.
The spread of the coronavirus is encouraging people to stay indoors, and it's now having an impact on the music industry. According to Billboard, Live Nation told their employees on March 12, 2020, that they are informing acts currently on tour to prepare to go home.
The company recognizes that large gatherings all over the world are being canceled and that people are staying home to protect themselves. So, while shows on Thursday, March 12, and Friday, March 13, will go on as scheduled, Live Nation will postpone current touring arena shows both internationally and domestically until the end of March.
Live Nation also told its own employees to work remotely for the rest of the month or until further notice. The company has mostly closed its Beverly Hills headquarters to protect its employees from contracting and spreading the virus.
Billboard reported that a company executive told one of its employees that March is actually one of their slower months, so they are able to stomach the closure without layoffs. However, the stock market is painting a shocking picture. As of March 12, 2020, the company's stock went down 16.6 percent, translating to a loss of $1.8 billion in stock value. Their share price went down from 29.7% (or $59.77 to $42.01) only three weeks after hitting their year-high of $76.08.
Live Nation will re-evaluate the situation again starting in April 2020. Currently, the company plans to resume their tours by May or June.
Were you planning on seeing a Live Nation tour? Let us know if you have any more information about rescheduled tours or refunds.