According to Billboard , America’s largest concert promoter and venue operator Live Nation is instructing its touring shows to prepare to return home in the wake of the coronavirus (COVID-19) pandemic.
All Live Nation tours are affected, both domestically and internationally, through the end of the month.
Live Nation will reportedly re-evaluate the situation at the beginning of April with the goal of resuming touring in May or June.
Tours affected include those by KISS, TOOL and LYNYRD SKYNYRD.
Since Friday, stock for Live Nation dropped approximately 30%, from $52.99 per share to $37.11. This is down almost 50% from last month when shares were trading at $72.89.
Less than two weeks ago, Live Nation CEO Michael Rapino was downplaying coronavirus concerns, saying:
“Most of our business doesn’t start until the middle of June onwards. So the next few months, we’ll have some cancellations, I assume, here and there in some arenas and clubs, but the heart of our business happens this summer.”