One of the world’s leading entertainment and eCommerce company, Live Nation, witnessed its stocks drop by almost 50 percent, in the wake of this coronavirus pandemic. Not only has this outbreak directly affected the music industry, but businesses and corporations worldwide have been damaged, financially, by this virus.
The downward trend started earlier this year on Feb. 19, as the stock sat at $76.08, by Feb. 27, the stock dropped nearly 25 percent to $57.75. After almost two weeks, the stock devastatingly crashed to $42.01 on Mar. 11.
In the midst of this outbreak, various music festivals and tours have been canceled due to the concern of the safety and health of fans and artists. SXSW announced their cancelation earlier last week, stating attendees have the option to defer their ticket to either the 2021, 2022 or 2023 event.
Coachella, the Big Ears Music Festival and the Ultra Music Festival are few of the many events whom announced their cancelations due to the coronavirus. Coachella and the Stagecoach confirmed they will be postponing their event until October 2020,
Check out our full list of cancelations due to the coronavirus.