One of the United States' largest promoters, Live Nation, is pausing all tours. Starting this weekend, the remainder of shows will be paused. They hope to resume tours by May or June. This comes in the wake of MLB, NBA, NHL and NCAA all halting play in the last 24 hours. Cities like San Fransisco and New York City have been placing restrictions on gatherings of more than 500 people, which the entertainment industry immediately saw as a thread to the 2020 spring concert season. More states and cities around the country are expected to follow suit and more events being postponed until further notice.
Billboard is reporting shares of Live Nation fell 16.6 percent on Wednesday, representing a single-day loss of more than $1.8 billion in stock market valuation. And it’s unclear when stocks will improve, as the Dow Jones Industrial Average lost more than 1,800 points on Thursday amid concerns about the COVID-19 pandemic and a U.S. travel ban.
Live Nation, AEG, CAA, WME, Paradigm and UTA:
The world’s leading forces in live entertainment have come together to form a global task force to drive strategic support and unified direction ensuring precautionary efforts and ongoing protocol are in the best interest of artists, fans, staff, and the global community.
The task force includes Michael Rapino (CEO and President, Live Nation Entertainment), Dan Beckerman (President and CEO, AEG & Board Member, ASM Global), Jay Marciano (Chairman and CEO, AEG Presents), Rob Light (Managing Partner and Head of the Music Division, CAA), Marc Geiger (Partner and Head of Music, WME), Sam Gores (Chairman, Paradigm), Marty Diamond (Head of Global Music, Paradigm), and David Zedeck (Global Head Of Music, UTA).
At this time, we collectively recommend large scale events through the end of March be postponed. We continue to support that small scale events follow guidance set by their local government officials. We feel fortunate to have the flexibility to reschedule concerts, festivals, and live events as needed, and look forward to connecting fans with all their favorite artists and live entertainment soon.
Photo: LiveNation