Live Nation, the world’s leading live entertainment and eCommerce company, has seen it’s stock tumble this week as the ongoing COVID-19 (coronavirus) pandemic impacts global markets.

Related: 12 Things We Wish Would Get Canceled Due To Coronavirus Instead Of Concerts

A short time ago, Live Nation CEO Michael Rapino had an auspicious outlook on the potential impact coronavirus could have on the music industry: “Most of our business doesn’t start until the middle of June onwards. So the next few months, we’ll have some cancellations, I assume, here and there in some arenas and clubs, but the heart of our business happens this summer,” he said during an earnings call at the end of February.

Now, just a couple of weeks later, the industry has seen a barrage of tour, event, and festival cancellations, like SXSWCoachellaUltra Music Festival, and countless others, leading to an annihilation of the Live Nation stock price.

Related: So, Your Favorite Band’s Concert Got Canceled Due To Coronavirus. What Now?

The downward trend started less than a month ago when Live Nation’s stock price sat at a high of $76.08 on February 19th. Within eight days the company’s stock price had dropped by nearly 25% to $57.75. A slight push back towards $60 gave some hope before crashing all the way down to $42.01 at close on Wednesday (3/11), a nearly 50% loss of value over a one-month span, and the company’s lowest stock price since April 23rd, 2018. At some points during Thursday’s trading, the stock price briefly dropped below $32, before rebounding back towards $40.

While more live event postponements and cancellations are likely, it’s difficult to predict how this will further impact Live Nation and its subsidiaries, and the music industry as a whole.

[H/T Digital Music News]