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.
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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 =/
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