Concert industry could lose $9 billion this year due to the coronavirus pandemic
Pollstar projects that revenue for the industry could be down by as much as $9 billion in 2020, a decline without parallel in the modern music business.
“In 2008, the business took a hit,” said Andy Gensler, Pollstar’s executive editor, “but after that it exploded. The last decade has been a golden age.”
Pollstar’s report lays out a variety of scenarios based on how long it takes to beat back the coronavirus that causes COVID-19 — none of them good, some of them awful. Live Nation and AEG, the dominant promoters in the industry, have already canceled or postponed all current tours. Of the initial $12.2 billion projected for the year in box office receipts, $8.9 billion is still unspoken for and could be lost if the industry remains dark for the rest of 2020.