In a new blog, industry expert Tim Chambers explains why the coronavirus pandemic poses an existential threat to the established economic model of the live entertainment industry…

 

The economic and cultural carnage of the coronavirus pandemic with concert and festival cancellations, venue shutdowns, furloughs at Artist agencies, Promoters / Producers, and event postponements until who-knows-when, marks a period of fundamental retrenchment for the live entertainment industry as currently configured.

The suspension of events and entertainments in the presence of an audience is not due to a change in the fundamental desire for a communal shared experience of cultural performance, rather it is because of the global health security and social welfare restrictions over safe public assembly and travel.

However, the lockdown has starkly revealed the fragile fiscal underpinning of the current economic model of the live entertainment industry (Artist > Promoter > Venue > Sponsor > Ticketing > Consumer) with its fundamental reliance upon the end-consumer to advance-fund the sector’s operations.

View the full article here…