Live Nation has now lost two thirds of its value over the last month after its share price dropped by almost a third in just three hours yesterday (Wednesday).
The 31.9% nosedive in early trading saw the live entertainment giant’s share price fall to $21.70 from Tuesday’s $33.92, marking a 61.5% tumble since its 52-week high of $76.08 set as recently as February 19.
The Ticketmaster owner rebounded slightly to $29.50 per share, down 13% for the day, after the US government presented $500bn in direct payments to taxpayers.
This means Live Nation’s market cap value has tumbled by more than two thirds in a single month, and is down to $6.33bn after the small rebound after it went as low as $4.96bn.The news follows cancellations from UK music festival Glastonbury, which already had more than 135,000 ticketholders, and the Eurovision Song Contest, which marks its first cancellation in 64 years.
Meanwhile, Paris-headquartered Vivendi, the owner of See Tickets and Universal Music Group, saw its share price increase to €19.24, a 2.5% rise from Wednesday’s $18.77 and a steady rise since Monday. See Tickets is the official ticketing provider for the cancelled Glastonbury Festival.
Yesterday also saw Eventbrite’s share price down 17.26% to $7 from its 52-week high of $25.04 in January.
Earlier this week, Eventbrite announced it had withdrawn its 2020 business outlook due to the uncertainty in the live entertainment industry caused by the coronavirus.
Julia Hartz, Eventbrite’s chief executive, said: “The global pandemic and the impact on the live events industry is unprecedented.
“While the ultimate magnitude of this near-term impact is unclear at this time, we remain confident in our go forward strategy, our market position and the long-term demand for live experiences.”
CTS Eventim also saw its share price fall to €27.00 today (Thursday), down from a 52-week high of $61.55.