The live music business is shutting down for the foreseeable future.

Live Nation Entertainment Inc. postponed events in arenas through the end of the month to protect fans and its artists from the global pandemic, according to two people familiar with the company’s plans. Live Nation is the world’s largest concert promoter. Its events grossed $3.8 billion in 2019, more than double the next largest competitor, according to industry researcher Pollstar.

Live Nation’s move is part of a broader chill descending on the live-music indutrsy. The company’s peers called for all large-scale live entertainment events scheduled through the end of March to be postponed due to the spreading coronavirus.

“At this time, we collectively recommend large-scale events through the end of March be postponed,” a task force for industry leaders said in a statement. “We continue to support that small-scale events follow guidance set by their local government officials.”

The group includes top executives from Live Nation, Anschutz Entertainment Group Inc., Creative Artists Agency, William Morris Endeavor Entertainment, Paradigm Talent Agency and United Talent Agency.

It’s still unclear how long the concert industry will take a break. Anschutz had already postponed to October its massive Coachella Valley Music and Arts Festival, which was slated for April. But by and large, the concert business had struggled to address growing threat of the virus. As recently as Thursday, artists such as the Killers and Niall Horan were announcing new shows. Most of the major musicians on tour were still selling tickets to shows.

But the threat to public health is becoming too much for artists to ignore.

“I had all of the intention to perform on this tour, but with my team and due to the current global climate, we had to make this decision for the safety of our fans, tour crew and more,” Colombian singer Maluma said in a statement. “This was also highly recommended by government officials for the safety of everyone.”

Live Nation’s shares fell 14% in New York on Thursday, part of a market rout. Billboard magazine reported earlier on Live Nation’s suspension of arena tours.