LYV - The Music Industry May Not Return to Normal for 18 Months
The novel coronavirus has done a number on the music industry -- and live entertainment concert promoters in particular.
Live Nation Entertainment (NYSE: LYV), the company that owns Ticketmaster, saw its stock fall more than 60% in late march from the market peak back in late February, and while many stocks have enjoyed sizable rebounds in the past few weeks, Live Nation isn't one of them. At a recent share price just above $36, it's still down more than 50% from its $76-a-share high.
It may take Live Nation -- indeed, it may take the entire music industry -- a very long time to climb back to that peak.