With this weeks promising news about a potential COVID-19 vaccine, entertainment company stocks spiked as event companies look to re-open the live in-person entertainment sector.
At 9:15 AM ET on Monday, just 30 minutes after Pfizer’s vaccine trial test results press release, Live Nation was +20.8% to $67.73 per share, Madison Square Garden Entertainment was +21.4% to $84.44 and Germany concert promoter CTS Eventim was +23.5% to $51.90. Other market indexes rose as well, reflecting hope from an industry that has all but halted completely.
Developed by Biotech companies Pfizer and BioNTech, the Covid-19 vaccine showed no serious side effects in a trial of 43,538 participants of racially and ethnically diverse backgrounds, Pfizer announced Monday morning. While the company reports a 90% efficacy rate, real-world results may vary.
With things looking up, and concert-goers getting antsy to attend their favorite artists’ events, brands such as Ticketmaster are exploring the possibility of requiring fans to get tested and/or get a COVID-19 vaccine prior to gaining access to a show. According to Billboard magazine:
“After purchasing a ticket for a concert, fans would need to verify that they have already been vaccinated (which would provide approximately one year of COVID-19 protection) or test negative for coronavirus approximately 24 to 72 hours prior to the concert. The length of coverage a test would provide would be governed by regional health authorities — if attendees of a Friday night concert had to be tested 48 hours in advance, most could start the testing process the day before the event. If it was a 24-hour window, most people would likely be tested the same day of the event at a lab or a health clinic.
Once the test was complete, the fan would instruct the lab to deliver the results to their health pass company, like CLEAR or IBM. If the tests were negative, or the fan was vaccinated, the health pass company would verify the attendee’s COVID-19 status to Ticketmaster, which would then issue the fan the credentials needed to access the event. If a fan tested positive or didn’t take a test to verify their status, they would not be granted access to the event. There are still many details to work out, but the goal of the program is for fans to take care of vaccines and testing prior to the concert and not show up hoping to be tested onsite.
Ticketmaster would not store or have access to fans’ medical records and would only receive verification of whether a fan is cleared to attend an event on a given date. Different states will have different requirements. The main role of companies like health pass companies will be to collect data from testing and medical providers and deliver status updates to partner companies in a secure, encrypted way that complies with the Health Insurance Portability and Accountability Act (HIPAA).”