It’s been reported by the global live concert industry that they will be experiencing a loss of $30 billion USD+ in 2020.
Sources say that Pollstar’s $30 billion USD+ number comes from the 10.92% year-over-year growth rate measured during the first quarter of 2020, which was the last official quarter prior to the COVID-19 lockdown. The industry reportedly performed below its original record-breaking projections set in Q1: $12.2 billion USD at the box office (for movies and accompanying soundtracks) along with a loss of $9.7 billion USD back in March at the start of lockdown. The $30 billion USD figure also includes “unreported events, ancillary revenues, including sponsorships, ticketing, concessions, merch, transportation, restaurants, hotels, and other economic activity tied to the live events.”
The president of Oak View Group’s Media & Conferences Division, Ray Waddell had this to say in a statement: “It’s been an extraordinarily difficult year for the events industry, which has been disproportionately impacted by the Coronavirus. As painful as it is to chronicle the adversity and loss our industry and many of our colleagues faced, we understand it is a critical undertaking towards facilitating our recovery, which is thankfully on the horizon,” Waddell is however confident in the numbers projected for December 2021 saying: “With vaccines, better testing, new safety and sanitization protocols, smart ticketing and other innovations, the live industry will be ramping up in the coming months, and we’re sure that at this time next year we’ll have a very different story to tell.”
Stay in the know with the latest culture news