Covid-19 costing the entertainment biz lots of moola!
Massive layoffs and concert cancellations continue to be on covid-19’s path of destruction this year.
Live Nation Entertainment Inc., the world’s largest concert promoter, have plunged 40 per cent since mid-March, erasing billions from its market value, according to Lucas Shaw from Bloomberg.
The trickle down effect to emerging and professional artists will be enormous with the major question of “how long will it take for them to bounce back?”.
A-listers like Beiber, Beyonce, Coldplay and the like will obviously manage very easily during this time but the next tier of artists and the workforce and companies that rely on festivals, live shows, and the entertainment industry as a whole will be facing a stark reality several months from now.
More on the industry’s lost summer, read Lucas Shaw’s article here.