Concert industry sees devastating $30 billion loss worldwide
As the world continues to fight the ongoing effects of COVID-19, the music and entertainment industry has incurred colossal damages, coming as a shock to none. Now, in the final month of an incredulous year, the numbers have arrived and, albeit unsurprising, the calculations remain ever-agonizing at a $30 billion worldwide loss since March 2020.
The projections for the year were an expected $12.2 billion in profits at the box office, but instead resulted in a devastating $9.7 billion loss. These numbers include unreported events, ancillary revenues, sponsorships, ticketing, concessions, merchandising, transportation, restaurants, hotels, and any other finances that are linked with live entertainment, according to Pollstar.
Despite suffering a heavy blow across music industry members and fans across the globe, hope for the future remains. With vaccines rapidly surfacing, the possibility for live events to return in the coming months becomes more optimistic than ever.
Featured image: Matthieu Thoer