Music festivals and concert tours are being canceled around the world due to coronavirus, and the largest concert promoter in the U.S. is feeling the pain.

Billboard reports shares of Live Nation fell 16.6 percent on Wednesday, representing a single-day loss of more than $1.8 billion in stock market valuation. And it’s unclear when stocks will improve, as the Dow Jones Industrial Average lost more than 1,800 points on Thursday amid concerns about the COVID-19 pandemic and a U.S. travel ban.

According to Digital Music News, Live Nation has seen shares fall more than 43 percent over the past month as coronavirus spread to 116 countries and infected more than 127,000 people worldwide. LYV shares recently saw a high of $76.60, but were just $42.01 at the closing bell Wednesday, wiping out nearly half of its market cap.

Coronavirus has already forced major events, including the South by Southwest Festival in Texas, Coachella in California, and Ultra Music Festival in Florida, to be postponed or canceled. Artists like Santana, Green Day, BTS, Pearl Jam and Zac Brown Band have postponed tour dates; some cities have forced cancellations by banning large gatherings to prevent further spread of the virus; and a few in Central New York, including Everlast in Homer, O.A.R. in Ithaca, and Adam Sandler at the Turning Stone, have postponed shows out of an abundance of caution.

According to The New York Times, canceling or postponing shows can especially hurt artists as the majority of ticket sales go to performers, who see fewer and fewer royalties from music sales in the streaming era. The concert industry was expected to bring in $29 billion in 2020, compared to $22 billion in record sales.

“This is a unique time,” Live Nation Entertainment CEO Michael Rapino told the Times. “Everyone has to figure out how the show goes on, and how it goes on smartly and safely.”

Live Nation, which books several Upstate New York venues like the St. Joseph’s Health Amphitheater at Lakeview, Darien Lake, and the Saratoga Performing Arts Center (SPAC), has not canceled any summer or fall concerts to date. Twenty-seven concerts are currently scheduled at the St. Joe’s Amp in Syracuse beginning at the end of May.

However, Motley Crue manager Allen Kovac said some artists have already delayed on-sale dates for tickets, fueling further uncertainty about the near future.

“It’s chaotic and stressful, from agents and managers to artists, their families and their support teams,” Kovac said.

Another issue is insurance for cancellations isn’t covering the coronavirus in some cases. Ultra Music Festival has refused to give out refunds, instead offering “benefit” packages such as tickets for next year, and SXSW fired one-third of its full-time staff as some speculate it might not be financially able to return in 2021.

And many artists are unable to shift album releases and promotional events, such as appearances at festivals, to accommodate a delayed concert calendar.

“Everything is in chaos," Against Me! singer Laura Jane Grace told Rolling Stone. "I don’t think there’s any way people can hold back release schedules because of the ridiculous lead times, which in this day and age are still very much planned around vinyl turnaround times for vinyl being pressed.”

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