Euphonik dishes out some advice to artists and industry mates who have had gigs cancelled due to the coronavirus outbreak.As news broke out earlier this week that gigs and concerts were either being cancelled or postponed due to the coronavirus outbreak,dropped some financial gems that his colleagues can follow during this “testing” time.
“I hope you're happy and healthy there at home and keeping safe. I just want to give my thoughts and opinions to all the musicians, artists and DJs out here. “You need to tell them that, 'hey man, listen I'm in the industry of selling time which is what we do because of my industry, all my shows, all my gigs have been cancelled'. They all know what's going on, they've all seen what's happening in the banks and institutions.” “So, rather go speak to them upfront and make arrangements for them to give you a payment holiday, make sure that the payment holiday is penalty free, cost free and it lasts for about three to six months.
“And, remember, if one of us defaults it's our problem, but if a lot of us are defaulting it's the bank's problem. So, rather make arrangements with your bank so that it doesn't affect your credit score and your credit ratings after this corona thing has ended.”
Good advice... But why do they have debts since their money comes in lump sum ... Please, Euphonik... also teach them a culture of buying their assets cash... Leave useless stuff like LVs, Guccis, Valentinos... They will not pay your bond...
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Coronavirus: Local entertainment industry suffers great financial lossCoronavirus results in many performances and shows having to be cancelled or postponed It's not just the local entertainment industry. Globally the music industry has lost more than $8bn.
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