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music

Get Ready, Live Music Industry Recovery could take up to 3-4 Years!

With the creative sector projected to be hit twice as hard as the wider economy in 2020, we see a higher decline in jobs lost, venues permanently closing and the industry coming to an immediate stand-still.

And it seems we better get used to it, because the strain has just begun …

Since March 20 March, there have been no events. This is because our sector has complied with the Public Health guidance. We did the right thing. We closed to protect our communities. It is now time for the government to do the right thing.”

Open Letter to the UK letter signed by 560 member venues

Tough to read, harder to swallow

With that, a report has been released from Oxford Economics. Dabbling in recent figures, the economical impact of creative industries and the recent meltdown of the industry, it explores the mess of the situation with numbers.

I won’t bore you with too much information, but with the collapse of live music and touring, in particular, being the single factor contributing to this heavy decline, we won’t see numbers like we did in 2019 for another 3 to 4 years. And with the majority of workers self-employed, they don’t seem to have anything else to fall back on.

You can read the full report below. Be careful though, it is a hard read.

Creative workers, one of the more vulnerable sectors of the workforce, are already seeing devastating impacts on their income, not only in turnover terms, but also in their charitable contributions and sponsorship. Leaving behind the more fragile part of the sector could cause irreparable socio-economic damage.”

Oxford Economics, THE PROJECTED ECONOMIC IMPACT OF COVID-19 ON THE U.K. CREATIVE INDUSTRIES, 2020

https://www.oxfordeconomics.com/recent-releases/The-Projected-Economic-Impact-of-COVID-19-on-the-UK-Creative-Industries

By manvmusic

In one of the most controversial, ever-changing and unpredictable industries, join my rants and ravings as I dissect the music industry word by word through technology, current events, industry stories and problems.

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