Due to the global pandemic, the entertainment industry has taken an astronomical hit from shutdowns and government-imposed lockdowns. Pollstar, the entertainment business review publication, has revealed the financial toll taken.
What was initially projected to be a trailblazing year for live entertainment, including massive concert tours and box office success in 2020, has amounted to losses of over $30 billion. While certain companies like Live Nation are poised to make a safe return to concerts and in-person events there exist a number of factors that go into when such things will happen.
In their report, Pollstar stated: “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.” Read the full report here, and watch this space for updates on when concerts come back.