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.

Recommended Articles

Kygo

Kygo's Palm Tree Crew Lifestyle Brand Launches Suave Summer Essentials

Palm Tree Crew and PUMA are bringing a new luxury flare to golf in a high-profile partnership.

covid safe ticket belgium

Belgium Launches "Covid Safe Ticket" Program for Live Events

The system uses QR codes to distinguish whether event attendees have followed the testing and vaccination guidelines necessary for entry.

ISOxo

ISOxo Stuns With Furious Single "Aarena" On RL Grime's Sable Valley Label

ISOxo once again demonstrates his appreciation for dark trap sonics, this time in a solo capacity.

In addition to thorough hand washing and avoiding touching one's face, the most effective measure that can be taken on the individual level is to exercise extreme social distancing. This means avoiding large gatherings and remaining at least six feet away from others at all times in public places.

H/T: Billboard

Related

Live Nation

Live Nation Acquires Remaining Songkick Assets and Settles Suit for $110 Million

This long standing legal battle between Songkick and Ticketmaster has finally come to a settlement days before it was ready to go to trial!

Alison Wonderland performing at EDC Orlando with pyrotechnics in 2019.

Insomniac Postpones Beyond Wonderland but will Move Forward with EDC Las Vegas 2020

Pasquale Rotella has said that his team will implement new safety protocols at the 2020 edition of EDC Las Vegas.

A photo of an astronaut art installation as well as a more abstract sculpture at Coachella Valley Music and Arts Festival.

Coachella Confirms 2020 Postponement Amid COVID-19 Concerns

Coachella has joined SXSW and Ultra in canceling their 2020 event amid COVID-19 concerns.

Live Nation

Live Nation Announces Revised Refund Policy for Ticketholders

Live Nation's CEO took to Twitter to share the good news.

Ultra Music Festival Stage

Ultra Abu Dhabi Postponed Amid COVID-19 Travel Restrictions

The debut of Ultra Abu Dhabi will not go as planned because of the new coronavirus.

BigCityBeats WORLD CLUB DOME Drive-In

Live Nation UK Cancels Drive-In Concert Tour Less Than Three Weeks After Announcement

The entertainment company cited potential local lockdowns as its main source of concern regarding the tour.

EDC Las Vegas

Festival Workers Bemoan EDC Las Vegas Postponement: "We're Used to Bad News"

According to reports, over 160 members of the labor union behind Vegas' entertainment industry were slated to work at the festival.

Baker-Electric Forest 2019-For EDMdotcom-23582

Movement Postponed, Electric Forest Rumored to Follow Suit

Pressure stemming from COVID-19 concerns has begun to compromise two of Michigan’s biggest festivals.