Many events and festivals are choosing to cancel and postpone their scheduled dates in order to combat the spread of the coronavirus. Ultra and SXSW were the first festivals to cancel and Coachella followed suit by postponing the event until September. Since then, many musicians like Miley Cyrus and Pearl Jam have canceled or postponed upcoming shows. Both New York and California have placed a small capacity on large-scale events like Broadway shows and stadium concerts. Live Nation is now reportedly the next to announce a change of schedule.
According to a report from Billboard, Live Nation is postponing all upcoming stadium concerts in order to curb the virus’ spread. The report states Live Nation alerted its employees of the massive shift. Starting this weekend, all Live Nation-backed shows will reportedly be delayed until further notice.
The company’s employees have been instructed to work from home and Live Nation’s headquarters in Beverly Hills has been closed until the end of March. The report also states that the postponed shows will be reevaluated at the beginning of April and the company hopes to resume regular scheduling in May or June.
The news of Live Nation’s closure follows their massive drop in stock value. In the past month alone, Live Nation’s stock price fell from $74.10 a share to $42.01, a loss that accounts for nearly $1.8 billion.
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