Pfizer’s COVID-19 vaccine brings hope to live music business
Pros in the live events sector welcomed news of Pfizer’s effective candidate for a COVID-19 vaccine. Image: AFP/Pablo Porciuncula.
When will we be able to go to real-life gigs and concerts again, rather than tuning in virtually on social media or by streaming? That is something many music fans are wondering, more than six months since the COVID-19 pandemic brought a swathe of festival and concert cancellations. However, news that the American pharmaceutical company Pfizer has a potentially “90%” effective COVID-19 vaccine candidate offers a glimmer of hope. The news was welcomed by those in the live music business.
This enthusiasm was reflected on Wall Street, where shares in concert production companies soared Monday, Nov. 9, following Pfizer’s announcement. Shares in the American giant Live Nation rose 20.8% to $67.73 (around P3,200), according to Billboard. The Madison Square Garden Entertainment group saw its shares up 21.4% to $84.44 (around P4,000), while the German concert promoter CTS Eventim jumped 23.5% to $51.90 (about P2,500).
The prospect of an effective vaccine against COVID-19 also gave some hope to companies working in the live events sector, who have felt the full force of the pandemic’s financial impact. The share price for the Live Nation multinational stood at $64.36 (around P3,100) at time of writing, a significant rise since March ($21.70 or about P1,000).
Although no COVID-19 vaccine has yet been approved for commercial distribution on a mass scale, music industry professionals are counting on this eventuality to get back in business for concert-starved fans. There also seems to be demand for live shows. In April, almost a third of Americans (29%) said that they would be ready to attend a live cultural event “less than one month” after the pandemic has passed or a vaccine/treatment is available. This figure rises to 53% for adolescents age 13 to 17.
Moreover, a recent study from Germany’s Martin Luther University Halle-Wittenberg found that indoor concerts had a “low” impact on virus infection rates, providing they are well ventilated, have limited capacity and hygiene protocols are respected (such as wearing face masks). The findings are encouraging and could help pave the way for the return of gigs and other live events in the culture sector. CC
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