Why Live Nation Entertainment Shares Crashed in the First Half of 2020
Shares of Live Nation Entertainment (NYSE: LYV) fell 38% in the first half of 2020, according to data from S&P Global Market Intelligence. The leading ticket vendor and arranger of live events was essentially shut down by the COVID-19 pandemic.
The Ticketmaster parent saw first-quarter sales fall 21% year over year because the social distancing guidelines of the coronavirus era made live concerts impossible in the middle of March. The company raised $1.2 billion of additional cash near the end of May to keep the lights on while the revenue-generating turnstiles are closed. Live Nation will not be generating any meaningful revenues until the concert circuit opens up again.
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Source Fool.com