Live Nation and AEG suspend all tours amid coronavirus spread
Amid the ongoing coronavirus pandemic which isn’t slowing down, Live Nation and AEG Presents each announced that they were suspending all of its tours through at least the end of March. The decision came at the advice of an industry task force, which contained C-level executives of each of the world’s top two live concert companies.
The task force includes Michael Rapino (CEO & President, Live Nation Entertainment), Dan Beckerman (President & CEO, AEG), Jay Marciano (Chairman & CEO, AEG Presents), Rob Light (Managing Partner & 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).
Before the tour cancellations, the damage of the pandemic was already severe in the music industry, according to The New York Times. Live Nation’s stock plummetted by the billions as artists began pulling out of tours at the advice of governmental officials. Artists who have current or upcoming Live Nation tours include Billie Eilish, Post Malone, TOOL, The Glitch Mob, and many more. AEG’s Coachella was forced to postpone until October while Live Nation’s Bonnaroo will resume in September.
In addition, Live Nation is instructing its employees to work from home until April. The company will reevaluate the situation with hopes of having its tours resume in May or June, according to Billboard.
“Live Nation and AEG have the financial ability to withstand the loss of income by postponing their concerts,” said Jerry Mickelson of JAM Productions, an independent promotion company in Chicago. “Other smaller independent promoters might not be as fortunate.”
Feature photo: Kevin Mazur/WireImage via Getty Images.
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