What was projected to be a record year for the concert industry is likely to end with more than $30 billion in losses as shows were canceled because of the pandemic, according to aBased on the first-quarter growth rate, Pollstar estimated the year should have ended with an all-time high of $12.2 billion in revenue from ticket sales.
Ultimately, Pollstar predicts the year will end with $9.7 billion in losses, despite attempted workarounds like livestream and drive-in concerts. The $30 billion loss is based on the revenue each ticket generates across the entire live music industry economy and includes unreported events and ancillary revenues, the report says.
The ancillary revenues include sponsorships, merchandise sales, concessions, transportation, parking, gas, restaurants and lodging for festivals and fairs.Ray Waddell, the president of the investment firm Oak View Group’s Media & Conferences Division, which oversees Pollstar, said that he predicts ticket sales will increase again in 2021. As Waddell noted, there will be coronavirus vaccines, faster and more accurate coronavirus tests and established public health protocols.
ElanaLyn Why can’t people still not continue to purchase online. Musicians went through a decade of no performances.
ElanaLyn I don’t see distancing here
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Pollstar: Live events industry lost $30B due to pandemicDue to the global coronavirus pandemic, concert trade publication Pollstar puts the total lost revenue for the live events industry in 2020 at more than $30 billion I feel bad for the artists , but as for Ticketmaster... HAHA $YFIAG DeFi staking yearnagnostic A project that will give friends to talk about🙏🤩 Yep and now el shitto is on the fan. Fk trump.
Source: ABC - 🏆 471. / 51 Read more »
Concert Industry Will Lose More Than $30 Billion Because Of Pandemic, Pollstar FindsThe year was projected to end with $12.2 billion in ticket sale revenue. No concerts and just live music in general is such a terrible place to be in life. There is something about the vibes and energy you get at shows (even house shows) that is just so great. I hope they'll be able to weather these lockdowns =/
Source: Forbes - 🏆 394. / 53 Read more »
Concert Industry Lost $30 Billion in 2020UPDATE: Based on information provided by Pollstar, a previous version of this article stated that the North American concert industry lost more than $30 billion in 2020 — Pollstar later corrected t… Don’t worry. Ticketmaster will get it back with “convenience” fees on like 10 tickets. Waiting on refunds Am I the only one applauding this? Like, they’ve had people, including artists, over a barrel for decades and came up with *nothing* innovative during this time. Eff you and get out. Live music will carry on. Ticket fees and service charges can stay dead.
Source: Variety - 🏆 108. / 63 Read more »
Live events industry lost $30B in 2020, publication saysDue to the coronavirus pandemic, the live events industry lost $30B in 2020, trade publication says. Politicians/Media nuked our Nation over a virus with a 99.98% survival rate. They ignored data that pointed to those at risk. If they had protected them they could have saved 200k Americans. In the process they shredded the Constitution, and destroyed the economy. It was murder. Dayum
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