As the coronavirus forces a wave of concert cancellations, independent concert promoters are especially vulnerable to the upheaval
As the coronavirus forces a wave of concert cancellations, one group is especially vulnerable to the upheaval: independent concert promoters who lack the resources and scale of giants Live Nation and AEG.
The past decade has already been difficult for promoters who stayed independent while Live Nation went on an unprecedented growth spree fueled by over 100 acquisitions since 2010. During the same period, its smaller rival, AEG, bought significant stakes in indie powerhouses like The Bowery Presents and Australia’s Frontier Touring, leaving less space in the market for companies that remained indie to grow and thrive.
Indie promoters also worry that major talent agencies could further tighten their contracts in a way that could force their companies -- many of whom are already required to pay the artist’s entire fee before announcing a lineup -- to take on even more risk. “More agencies are adding contracts language that includes reimbursement for the artist’s costs,” including airfare, production elements and even canceled catering, says Estopinal.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus updates live: U.S. cases top 1,000 as spread slows in ChinaThe coronavirus crisis continues to unfold across the world as Italy begins a country-wide lockdown.
Read more »
Tom Hanks and Rita Wilson test positive for coronavirusBreaking: Tom Hanks and his wife Rita Wilson announced Wednesday that they have tested positive for the coronavirus.
Read more »
Singapore Wins Praise For Its COVID-19 Strategy. The U.S. Does NotThe response to coronavirus has varied drastically around the world. So how has the United States' been? 'Our response is much, much worse than almost any other country that's been affected,' says Ashish Jha, who runs the Harvard Global Health Institute.
Read more »
Will the coronavirus outbreak sink the cruise industry?The cruise industry has survived several near fatal blows. Will it survive the coronavirus?
Read more »
Sports world adjusting to coronavirus crisisProfessional and college sports are attempting to adjust to a rapidly escalating...
Read more »