Concert Industry To Lose Upwards Of $9 Billion, New Study Finds
Written by B87FM on April 4, 2020
One of many companies hit hardest by the COVID-19 outbreak is the live performance trade. With out the power to assemble in massive teams, successfully all concert events have been canceled. A brand new examine from Pollstar exhibits that loses may attain upwards of $9 billion for the live performance trade if issues do not return to regular, quick.
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“Estimating what may need been misplaced clearly is determined by when the enterprise rebounds,” the examine reads, “but when the remainder of the 12 months is darkish – which is a worst-case state of affairs and definitely not anticipated – the potential $12.2 billion yearly estimate minus the grosses from all of the exhibits accomplished earlier than cancellations and postponements locations potential losses for the rest of the 12 months proper at $8.9 billion.”
Whole losses might be “a lot much less, about $2.three billion, if touring is feasible as early as late-Could,” the examine continues. “And if quarantines proceed by the summer time, say, late-August, trade losses may whole about $5.2 billion in simply missed ticket gross sales alone.”
As of now, there is no such thing as a particular reply as to when the world will return to enterprise as regular. President Trump hopes by the tip of April, whereas different recommend this might go on for so long as a 12 months. Both approach, the live performance trade will battle all through.