Live Nation, AEG Pausing All Tours Due To Coronavirus
You may have already heard, but everything is cancelled, and even Live Nation isn’t immune to coronavirus. The concert promoter behemoth just lost $1.8 billion when its stock dropped 16.6% in the wake of COVID-19 being declared a pandemic yesterday. And now, Live Nation is putting all of its tours on hold.
Billboard reports that Live Nation is instructing all its touring shows, domestic and international, to return home. Although a few shows will go on today and tomorrow, starting this weekend, pretty much everything is getting postponed.
Live Nation is also advising its employees to work remotely and not come into the office, and the company’s Beverly Hills headquarters will be mostly closed until the end of March. According to executives, the company will reevaluate the situation at the beginning of April, with the goal being to resume touring in May or June.
UPDATE: Variety reports that AEG has also suspended live music operations globally. Live Nation, AEG, and the major booking agencies CAA, WME, Paradigm, and UTA have issued a joint statement about putting their industry on pause:
The world’s leading forces in live entertainment have come together to form a global task force to drive strategic support and unified direction ensuring precautionary efforts and ongoing protocol are in the best interest of artists, fans, staff, and the global community.
The task force includes Michael Rapino (CEO and President, Live Nation Entertainment), Dan Beckerman (President and CEO, AEG & Board Member, ASM Global), Jay Marciano (Chairman and CEO, AEG Presents), Rob Light (Managing Partner and Head of the Music Division, CAA), Marc Geiger (Partner and Head of Music, WME), Sam Gores (Chairman, Paradigm), Marty Diamond (Head of Global Music, Paradigm), and David Zedeck (Global Head Of Music, UTA).
At this time, we collectively recommend large scale events through the end of March be postponed. We continue to support that small scale events follow guidance set by their local government officials. We feel fortunate to have the flexibility to reschedule concerts, festivals, and live events as needed, and look forward to connecting fans with all their favorite artists and live entertainment soon.