The live events industry reportedly lost over $30 billion globally in 2020.
Pollstar has published its year-end review for 2020, which details startling statistics amid the global pandemic. What was projected to be a trailblazing year for live entertainment, including massive concert tours and box office success, has amounted to an over $30 billion loss — a figure derived by the 10.92% year-over-year growth rate recorded for Q1.
Pollstar shares:
2020* will forever have a huge, indelible asterisk beside it. It will serve as a stark reminder that the most challenging year our industry has ever endured was an anomaly, an aberration, a pox on our businesses, one that deviated widely from all norms and can’t be over fast enough.
When the coronavirus (COVID-19) pandemic arose and festival postponements began, we all knew the music industry, particularly live events, would experience a major blow. As the months went on, postponements turned into cancellations and dates shifted from 2020 into 2021 and into 2022. Now, these numbers reveal the financial impact and adversity the live events industry faces.
Pollstar‘s comprehensive review includes a 2020 Business Analysis: What Might Have Been Vs. What Was. Plus, 2020 Year-End Charts for tours, livestreams, and much more.
Read the full report here.
H/T: Variety, Source: Pollstar | Photo via Rukes.com
