Posty Fest canceled for the 2nd time | LA to require proof of vaccinations for indoor spaces and larger outdoor events | Live Nation stock price reaches an all-time high
Posty Fest canceled for the 2nd time
Tickets went on sale for Posty Fest 2021 on Thursday, September 16. Two weeks later, the festival was canceled. The festival was supposed to take place in Arlington, Texas on October 30th and 31st but due to “logistical issues” will not be going forward. According to Variety, “festival organizers were having difficulty implementing Covid-19 protocols in Texas — which has much looser protocols than most states — and determined it was best to postpone to next year.”
Many promoters have chosen to implement their own COVID precautions and the varying requirements from State to State and County to County add an extra layer of complication. The festival itself was nearly sold out but the challenges proved too complex to proceed and people have been offered refunds. Fans of Post Malone, Megan Thee Stallion and several others will have to wait until next year.
LA to require proof of vaccinations for indoor spaces and larger outdoor events
The City of LA announced earlier this week that vaccinations would be required to access indoor spaces, including restaurants and bars, gyms and entertainment venues. Anyone 12 and over must show proof of their Moderna, Pfizer or Johnson & Johnson vaccinations with the requisite 2-week immunization period having been met. Non-vaccinated persons will still be allowed to make use of outdoor spaces but for large events, not without proof of a negative COVID test within 72 hours. There are exceptions for those individuals ineligible for the vaccines due to medical conditions or religious beliefs as long as they can prove negative status.
The reasoning behind the new ordinance is to get more individuals to get their shots. LA County is reporting that 70% of the population aged 12 and over has been fully vaccinated and a further 8% have received their first dose. These numbers are significantly higher than the 59.6% for the entire state of California.
The ordinance is expected to take effect on November 4th with fines for violations beginning November 29th. In preparation, nightlife establishments are required to begin requesting proof immediately of at least 1 vaccination until the November 4th effective date where people will be required to have both shots. The ordinance does not come without a healthy dose of opposition, confusion and controversy.
Live Nation stock price reaches an all-time high
In a bit of financial news, Live Nation's stock price topped $100 for the first time in history on Wednesday, up 78% year over year.
The Q3 earnings report will be released on November 4th and it’s expected to contain some positive numbers, specifically $2.12 billion in sales, which could be one of the key reasons for the surge in stock price. Sellout shows and increased ticket prices have the live music promoter in a great financial position compared to the same time last year.
Despite several notable cancellations of late, tours announced for the upcoming year have undoubtedly been a driving force behind the revenue boost. This is a pretty solid indication of the confidence in the live entertainment industry and all signs point to a jam packed 2022.