Skip to content

The Concert Industry Could Lose Up To $9 Billion This Year: The End Of The Golden Age?

the concert industry

the concert industry: the end of Coachella?

 

Tomorrow should have been the first day of Coachella, instead, we are still in quarantine, and all the concerts and festivals are canceled or postponed to another date which is far from certain to be maintained. Everyone is talking about the second wave of infections, it’s still a possibility and until we have a vaccine, large events like Coachella are unlikely to happen.

To fill this hole, Goldenvoice is releasing ‘Coachella: 20 Years in the Desert,’ a documentary featuring the two-decade story of the music festival, with legendary performances and behind-the-scenes stories, promising ‘a rare look at Coachella’s colorful beginning’, ‘exclusive, never-before-seen footage’, ‘interviews, and key performances from some of the biggest names in music.’ The documentary, produced and directed by Chris Perkel, premieres on YouTube tomorrow, but obviously it cannot replace the real experience that thousands of fans still expect for October? Coachella was trending on twitter today and there is a good reason why. Of course, cancellations are happening all over the world: Denmark’s Roskilde Festival, set for early July, has been canceled, Electric Daisy Carnival Las Vegas, originally scheduled on May 15-17, is now scheduled on Oct. 2-4, Spain’s Primavera Sound will now take place at the end of August instead of June…

In any case, the financial impact is gigantic, and not only for the Indio-Coachella valley but for the entire industry. Just a few days ago, the LA Times estimated that the concert industry could lose up to $9 billion due to the coronavirus crisis. This is based on Pollstar’s projections which have estimated that 2020’s box office would have reached $12.2 billion if the second part of the year had kept the same percentage growth than the first part. ‘Pollstar can also forecast the live industry would lose up to $8.9 billion of revenue if the rest of 2020 were to remain dark.’ They call it ‘a worst-case scenario’ because many expect concerts to resume before the end of 2020, but nobody knows for sure at this point. The LA Times proposes 2 other projections, a loss of 5.2 billion in case concerts and tours resume late August, and a loss of only $2.3 billion if they resume late May. There are still concerts scheduled in May and you can understand why the industry is still pushing for them to happen at these dates

Is this the end of the golden age for the concert industry? With every single Live Nation and AEG concert and tour currently canceled or postponed, it’s certainly worrisome while resuming a normal life too soon may trigger a second wave. People are already talking about it seriously in China and everywhere else.

In the worst-case scenario, all the huge tours (Elton John, The Rolling Stones, Billie Eilish, The Eagles, Justin Bieber, Green Day-Weezer-Fall Out Boy, Taylor Swift,…) will have to be canceled again or postponed till 2021.

There is currently a war between Ticketmaster and concert-goers as none of them can get a refund for any concert rescheduled, even when they cannot attend the event at the future date. It is a total mess, TM and other ticket resellers are simply rescheduling every show to avoid paying refunds, it’s just a good excuse because nobody knows if these rescheduled dates will actually be maintained. But if they have to cancel again, even more people will ask for a refund and the ticket industry will truly have a hard time.

Concerts will eventually be back, however, nobody knows exactly when. One thing is sure, we will not go from zero to Coachella in a week. It will take a while, it will be very progressive, we will first experiment with small gatherings in the beginning before relaunching the huge tours and giant festivals. But it all depends on how this crisis unfolds in the following weeks.

Leave a Comment





Amazon_Smile_logo
LET-ME-HELP-LOGO

Support Let Me Help Inc by shopping at smile.amazon.com

Substance Festival At The Belasco, Sunday November 28th 2021

By Alyson Camus | December 2, 2021 |

an immersive sonic experience

Loïc Gouzer: Particle – Making Fine Art Accessible to All

By Eileen Shapiro | December 1, 2021 |

Particle is on a mission to revolutionize the fine art industry and every work acquired by the company will be included in the “Particle Foundation,” a nonprofit that will maintain, display, and tour the collection on behalf of the community.

Luke Combs’ What You See Is What You Get Tour At Madison Square Garden, Tuesday, November 30th, 2021, Reviewed

By Iman Lababedi | December 1, 2021 |

lives and dies with his songs

Brief Encounters: New Album Releases 11-26-21 – 12-2-21

By Iman Lababedi | December 1, 2021 |

an immaculate collection

Live Review: Randy Edelman “A Life In 80 Minutes” @ Chelsea Table & Stage in NYC, Nov.27, 2021 By Harley Rain

By admin | November 30, 2021 |

Live Review: Randy Edelman “A Life In 80 Minutes” @ Chelsea Table & Stage in NYC, Nov.27, 2021

US Top 10 Singles Dated December 4th, 2021

By Iman Lababedi | November 30, 2021 |

proven itself a follow up to “Hello”

Suzanne Vega At City Winery, Saturday, November 27th, 2021, Reviewed

By Ken Davis | November 30, 2021 |

Her perceptive songwriting is complemented by her idiosyncratic guitar playing and distinctive vibrato-less voice

Substance Festival At The Belasco, Saturday November 27th 2021

By Alyson Camus | November 30, 2021 |

the goths have the best dancefloors

US Top 10 Albums Dated December 4th, 2021

By Iman Lababedi | November 29, 2021 |

album sales comprise 692,000

Peter Jackson’s “Get Back” Addendum Plus A List Of Every Song Performed

By Iman Lababedi | November 29, 2021 |

back in the studio in January 1969, three months after they had nailed down 30 songs for The White Album

Scroll To Top