SXSW was canceled due to the coronavirus; Coachella could be next as the music industry braces for a cruel summer by zogblog
$1 billion last year, up from $886 million the year prior, thanks in large part to massive stadium tours.
“Looking at 2020, we believe that our double-digit fan and show count growth so far this year against a backdrop of very high artist activity across all venue types and markets sets up our flywheel to deliver another year of strong global growth,” heRapino made note of his company’s backloaded calendar—indeed, 70% of Live Nation’s attendance is expected from June onward, buoyed by top acts from Justin Bieber to Lady Gaga—and limited exposure to Asia, where acts from Green Day to Avril Lavigne...
“What we’re hearing from Coachella is that it’s on,” says the aforementioned manager. “But we have $1-2 million in production costs already sunk in that the artist would be responsible for. ... We’re not finding any insurance companies who will cover our risk of cancellation due to [coronavirus]. I’m holding off on spending any more until we see how this plays out.”
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