Music industry lost £30B globally in 2020
According to Pollstar’s 2020 end of year review released on 12th December. The global live events industry lost over £30 billion globally this year.
The data for this statistic was published by the trade publication for the global concert industry, using data pre-pandemic first-quarter growth to demonstrate what ‘what might have been versus what was’. The Coronavirus pandemic has had a significant impact on venues resulting in the majority of venues having to close since the pandemic has started.
With many festivals and concerts canceled worldwide the losses have been catastrophic with a loss of more than £30 billion globally- a figure derived from Pollstar’s 10.92% year-over-year growth rate recorded for Q1 according to an article in Variety. Due to the cancellation or postponement of the majority of 2020’s live entertainment because of COVID-19, box office revenue for the Top 100 tours totalled only £1.2 billion worldwide – a massive 78% drop compared to 2019’s £5.5 billion.
Overall tickets for the Top 100 tours were down 77% from 57.7 million tickets recorded in 2019 to only 13.4 million in 2020 – and due to the need to implement social distancing measures, drive-in concerts accounted for 49% of all events which occurred after 15th March 2020, totaling 419 recorded events with a gross of £18 million.