Live Nation’s share price fell another 16.6% Wednesday after the World Health Organisation (WHO) declared coronavirus a pandemic.
Wednesday’s nosedive brought its share price down roughly 43.3% over the past month to $42.01.
Thursday hit hard again and Live Nation’s share price fell by a further 13.83% on the New York Stock Exchange.
Live Nation’s public valuation has now fallen by $8.5bn since just three weeks ago when it stood at $16.24bn ($75.66 per share).
At the close of the day on Thursday, Live Nation’s market cap hit $7.77bn ($36.20 per share), which means its value has been slashed by over 50% (-52.1%) in the past three weeks alone.
The news comes a week after president and chief executive Michael Rapino attempted to downplay the impact of coronavirus on business operations, stating “we don’t pay an artist until they play.”
The news follows the cancellations of several tours and festivals, including South by Southwest and most recently the Pixies (pictured), who said they are postponing their Australian tour dates.
Live Nation is working with the American rock band to reschedule the postponed dates for later in 2020, with ticket holders still wishing to attend the shows once rescheduled being told to retain their tickets. Those not able to attend can obtain a full refund.
The Pixies said in a statement: “Out of caution for current public health concerns, Pixies are postponing the remaining Australian shows in Brisbane, Sydney and Perth. This was an extremely difficult decision, but the well-being of our fans is always our top priority.”
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Image: Live Nation