Live entertainment giants Live Nation and AEG have teamed up with Creative Artists Agency, William Morris Endeavor, Paradigm, and United Talent Agency to created a global task force they hope will ensure best practices in the face of the coronavirus pandemic. The group’s first recommendation Thursday is to cancel all large scale events through the end of March.
“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 coalition said in a joint statement.
“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.”
Separately, The New York Times reported that Live Nation and AEG had actually put this into practice, cancelling all large tours starting this weekend.
Live Nation has been one of the stocks hardest hit in the stock market rout of the last few weeks as concerts are cancelled and these’s little visibility on the outlook for live events. On Thursday, the biggest point-drop ever in the DJIA, the company’s shares closed down nearly 14% at $36.20.