Live Nation stock tumbles following deaths at Travis Scott Astroworld concert

Shares of Live Nation Entertainment fell by more than 5% following the tragedy at Travis Scott’s Astroworld Festival in Houston on Friday, November 5th.

Live Nation was a promoter for the all-ages event, which drew a crowd of 50,000 to Houston’s NRG Park. The festival was halted at 10:10 pm after a fatal crowd surge at 9:15 that saw 8 attendees die and 300 sustained injuries.

As Variety report, on Monday, Live Nation’s stock dipped down 5.4% to $117.11 per share. A tumble that comes after Live Nation shares hit all-time highs last week, increasing more than 14% on November 4th.

The post-covid return of music festivals was a major factor in Live Nation’s Q3 earnings report, helping bolster “all our business segments to positive operating income and adjusted operating income for the first time in two years,” the company wrote. The quarter saw 17 million music fans attend festivals, with 90% of those in August and September this year.

In the wake of Astroworld, Live Nation, Travis Scott, NRG Park, and Drake (who made an appearance onstage with Scott during his final song), have had several lawsuits filed against them. Kristian Paredes, an attendee at Astroworld that was left “severely injured” following the stampede, is seeking $1m in damages from Live Nation, Travis Scott, Drake and the venue.

Travis Scott has since announced that all attendees of Astroworld will receive full refunds. The second night of the festival, which had been planned for Saturday, was cancelled.

“Heartbroken for those lost and impacted at Astroworld last night,” Live Nation wrote in a statement. “We will continue working to provide as much information and assistance as possible to the local authorities as they investigate the situation.”

Link to the source article – https://theindustryobserver.thebrag.com/live-nation-stock-tumbles-following-deaths-at-travis-scott-astroworld-concert/