With all the news lately surrounding the coronavirus, the stock market is going through a large period of uncertainty. Furthermore, Live Nation Entertainment stocks, like many, are taking a huge hit currently. It has been a rollercoaster ride of ups and downs.
Live Nation Entertainment (LYV) reached a 52-week high of $76.08 per share a mere few weeks ago, but has since lowered to a current rate of $48. The company is now getting close to a 52-week low of $46.01.
On top of the stock crashing, Ari Emanuel, The Independent Director of Live Nation sold 97% of his shares. Netting around a cozy $4.2 million, he was selling shares at an average price of $58. This is very concerning, but Live Nation President and CEO Michael Rapino downplayed any concerns surrounding Corona:
“When you have a month, two months – anytime you cancel in advance, there’s actually no cost incurred yet, the artist isn’t at the show, the people aren’t in the venue, you haven’t paid the cost…So this is – the easiest economic challenge for us is to reroute and reschedule a show no cost to us.”
All the uncertainty comes surrounding the coronavirus (COVID-19) that has infected hundreds of thousands across the planet. It is evident that the live event industry has been impacted immensely. Many shows and events have been cancelled or postponed due to the coronavirus, and concern continues to grow. Some of the most notable shows thus far being SXSW and Ultra, while Coachella is now postponed.