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Sunday, Sep 24, 2023

Live Nation Stock Tumbles After Astroworld Concert Deaths

Just days after Live Nation Entertainment Inc. released its third-quarter 2021 earnings report, stock for the company dropped almost eight points as the market reacted to multiple deaths and widespread injuries at a concert Live Nation promoted.

The Beverly Hills-based company issued its third quarter earnings report Nov. 4, announcing positive operating income of $137 million, up year over year from a loss of $504.4 million in the third quarter of 2020. Pandemic shutdowns impacted many aspects of the company’s operations in 2020, resulting in revenue gains of $2.51 billion from the same period last year, indicating tremendous pent-up demand from concertgoers.

Following the report’s release, stock prices spiked to as much as $123.79 a share. But after nine people died and hundreds more were injured during a performance by Astroworld Festival headliner Travis Scott at the company’s NRG Park in Houston, Live Nation stock dropped to as low as $113.36 by 2 p.m. on Nov. 11.

Multiple lawsuits have been filed in connection with the tragedy, which occurred when attendees began to surge toward the stage, impeding both medical and security personnel.

Organizers canceled the second day of the two-day event, and Scott announced he would provide full refunds for all attendees.

Todd Gilchrist
Todd Gilchrist
Todd Gilchrist is a Los Angeles-based reporter and film critic with 20+ years of experience at dozens of print and online outlets, including Variety, The Hollywood Reporter, Entertainment Weekly and Fangoria. An obsessive soundtrack collector, sneaker aficionado and member of the Los Angeles Film Critics Association, Todd currently lives in Silverlake, California with his amazing wife Julie, two cats Beatrix and Biscuit, and several thousand books, vinyl records and Blu-rays.

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