NME Music News, Reviews, Videos, Galleries, Tickets and Blogs | NME.COM
The stock prices of a number of live music and touring promoters have plummeted this week following the outbreak of coronavirus.
The music industry has already been severely impacted by the global spread of the virus, with Coachella Festival being postponed and SXSW Festival being cancelled.
As reported by Billboard (paywall link), the US stock prices of major concert promoters have suffered this week following the continuing spread of coronavirus, which has now been classified by the World Health Organisation as a pandemic.
Live Nation shares fell by 16.6% yesterday (March 11) in the New York Stock Exchange. Over the past month, Live Nation shares have decreased from $74.10 (February 12) to $42.01 at the closing bell yesterday.
The Madison Square Garden Company, which owns the iconic New York City venue as well as Radio City Music Hall, was down by 9.5% at close of play on Wednesday. The international promoter and ticketing company CTS Eventim, meanwhile, suffered a 6.5% drop.
These falling stock prices have followed a raft of tour postponements and cancellations, which have been brought about by concerns about the global spread of coronavirus.
Artists such as Green Day, Pearl Jam, My Chemical Romance, Madonna and Foals have all been forced to either cancel or postpone planned shows in territories across the world in recent weeks.
The post Live music and touring stocks fall following coronavirus crisis appeared first on NME Music News, Reviews, Videos, Galleries, Tickets and Blogs | NME.COM.
