Due to the ongoing coronavirus pandemic that has impacted nearly all industries across the globe, the global live concert industry is reporting more than $30 billion in losses this year.
Based on the information provided by Pollstar, the global live events industry lost more than $30 billion in 2020 due to the global pandemic, including $9.7 billion at the box office. The figure is taken from the 10.92 percent year-over-year growth rate calculated during Q1 2020, which marked the last complete quarter before COVID-19.
The losses are coming from “unreported events, ancillary revenues, including sponsorships, ticketing, concessions, merch, transportation, restaurants, hotels, and other economic activity tied to the live events.”
Ray Waddell, president of Oak View Group’s Media & Conferences Division, said 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.”
He expressed hope, further adding that “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.”