A new study shows the concert industry could lose upwards of $9 billion dealing with the COVID-19 outbreak.
One of the businesses hit hardest by the COVID-19 outbreak is the concert industry. Without the ability to gather in large groups, effectively all concerts have been canceled. A new study from Pollstar shows that loses could reach upwards of $9 billion for the concert industry if things don't return to normal, fast.
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“Estimating what might have been lost obviously depends on when the business rebounds,” the study reads, “but if the rest of the year is dark – which is a worst-case scenario and certainly not expected – the potential $12.2 billion yearly estimate minus the grosses from all the shows completed before cancellations and postponements places potential losses for the remainder of the year right at $8.9 billion.”
Total losses could be “much less, about $2.3 billion, if touring is possible as early as late-May,” the study continues. “And if quarantines continue through the summer, say, late-August, industry losses could total about $5.2 billion in just missed ticket sales alone.”
As of now, there is no definite answer as to when the world will return to business as usual. President Trump hopes by the end of April, while other suggest this could go on for as long as a year. Either way, the concert industry will struggle throughout.