The stock value of some companies rose by 20%.
Worth over $50 billion, the global live music industry has faced unprecedented challenges since March when the world was affected by the Coronavirus pandemic, which led to lockdowns and termination of operations for a sizeable portion of the industry. This Monday, November 9th, Pfizer and BioNTech announced that they had developed a vaccine that was found to be 90% effective in a trial of over 40,000 participants.
Since the news of the scientific breakthrough went public, market indexes from around the world experienced a sharp rise. For instance, German concert promoter CTS Eventim stock rose by 23.5%, and Live Nation’s by 20.8%.
‘Today is a great day for science and humanity. The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19. We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity, and economies struggling to reopen’, said Dr. Albert Bourla, Pfizer’s Chairman & CEO about the scientific breakthrough.
