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Festivals were one of the first economic casualties of lawmaker response to the spread of the coronavirus that causes COVID-19, and soon after it reached nearly every music event. Promotional conglomerate Live Nation has understandably taken a hit. After the company's stock tumbled 16%, they've announced plans to postpone all arena tours.

Live Nation employees are also being told to work from home in alignment with efforts to curtail the spread of the coronavirus. They are not planning any layoffs, and they have informed staff that the organization is in a position to sustain the financial impacts despite reporting a single-day loss of 1.8 billion on Wednesday.

The novel coronavirus that causes the disease COVID-19 apparently first broke out in Wuhan, China in December of 2019. At present the worldwide number of confirmed cases sits at over 140,000, and resulting fatalities have just broken the 5,000 mark per the World Health Organization.

More grave than the relatively low case fatality rate is the implications of COVID-19 on limited healthcare resources. The virus that causes it spreads rapidly - and in areas enduring the most severe breakouts, shortages of hospital beds have forced facilities to implement triage processes by which they save treatment for patients most likely to survive. Lawmaker efforts to curb the spread have also led to shortages and other economic blows unprecedented in most people's lifetimes.

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H/T: Billboard


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