Live Nation shares drop as it faces lawsuits over deadly Astroworld festival

Stay Nation misplaced greater than $1bn in market worth after the world’s largest live performance firm was sued in reference to a Houston music pageant the place eight folks died and dozens extra had been injured.

Two of music’s largest stars, Travis Scott and Drake, carried out on the sold-out Astroworld Pageant on Friday night time — one of many first massive in-person festivals for the reason that pandemic halted most dwell reveals, with an viewers of about 50,000 folks.

As followers surged in the direction of the entrance of the stage to see Scott carry out, they had been so intently packed collectively that some struggled to breathe or transfer their arms. An ambulance drove by the gang to assist followers who had handed out.

Eight individuals who attended the present have died, together with a 14-year-old, whereas extra had been injured and hospitalised. The Houston Police Division has opened a legal investigation into the occasion.

As Scott started performing shortly after 9pm, Kristian Paredes stated he was standing on the entrance of the final admission space when he felt an “instant push”, in accordance with a lawsuit filed on Sunday in Houston.

“The group grew to become chaotic and a stampede started”, leaving Paredes “severely injured”, the lawsuit alleged. He’s searching for $1m in damages from Stay Nation, Travis Scott, Drake and the venue.

“Many begged safety guards employed by Stay Nation for assist however had been ignored”, in accordance with the lawsuit, which alleges that the live performance promoters and performers had been “negligent” for “inciting a riot and violence”. 

Stay Nation didn’t instantly reply to a request for remark.

Shares in Stay Nation fell 5 per cent to beneath $118 in morning commerce in New York. The corporate final week reported income of $2.7bn, up from $184m a yr in the past, as chief government Michael Rapino declared that dwell music had “roared again” because of “large pent up demand”. 

Jacques Berman Webster, higher identified by his stage identify Travis Scott, has been criticised for persevering with to carry out whilst the gang appeared to spiral uncontrolled. Paredes’ swimsuit additionally accused Aubrey Drake Graham, generally known as Drake, for serving to incite the gang. A separate lawsuit was filed by one other attendee, Manuel Souza, additionally blaming Stay Nation and Scott for accidents.

Scott, among the many hottest rappers in music with eight Grammy nominations, has a historical past of raucous reveals. In 2015 he was arrested and charged with disorderly conduct by Chicago police, after encouraging concertgoers to climb over safety limitations on the Lollapalooza pageant.

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