The world is reveling after Pfizer and BioNTech shared that their COVID-19 vaccine was both safe and 90% effective. Alongside the optimism voiced by the media and general public, it was also reflected in stocks pertaining to the live music industry.
Both Live Nation and the German event company CTS Eventim celebrated significant gains after the vaccine efficacy announcement was made. On Monday, the former company’s share price peaked at $69.14 – its highest point since February. Meanwhile, the latter hit $52.10, also its highest in the same period. The increases paint a promising picture for the artists, fans, venue owners, and staff hoping to return to their way of life.
A Continuing Hurdle
While the recent news does spark optimism in the live music industry, the challenges are far from over. Medical experts have stated that the distribution process is anything but simple and will take time to implement.
Once Pfizer’s COVID-19 vaccine starts being distributed, It’s likely that the typically younger, healthier, concert-going age group will have to wait to receive their vaccine as the most vulnerable population will be served first. Although this may increase the wait time for the return of large-scale events, sentiments are far more optimistic as it’s the first time since the start of the pandemic that an end may be in sight.