Live Nation shares fell 16.6%, Madison Square Garden Company dropped 9.5% and German promoter and ticketing company CTS Eventim stumbled 6.5%.
UPDATE: Live Nation shares fell as much as 24.3%, from $42.01 to $31.81, on Thursday (March 12), before improving to roughly 4% down by early afternoon. Shares of The Madison Square Garden Company 12.1% but recovered half the loss by midday Thursday. CTS Eventim, traded on the German exchange Xetra, closed down 8.6%
Concert promoters’ stock prices sank further on Wednesday (March 11) as the World Health Organization deemed the novel coronavirus outbreak to be a pandemic, the health equivalent of upgrading an economic recession to a depression. Live Nation shares closed the day (March 11) down 16.6%, nearly triple the Dow’s 5.9% decline, while Madison Square Garden Company fell 9.5% and German promoter and ticketing company CTS Eventim stumbled 6.5%.
The term bear market -- a 20% decline from recent highs -- also arrived Monday, lending more awe to the stock market’s shock. Live Nation shares have shed 41.2% this year and 43.4% since the sell-off began Feb. 24, while MSG and CTS Eventim have lost 25.2% and 29.2% of their market values, respectively.