The Economic Impact of Corona on Festivals: Part 2
This article connects directly to our article: The Economic Impact of Corona on Festivals. You will see many correlations and may see some conflicting data as it comes from different sources. Take a peek at that article first!
- Over 750+ festivals were affected worldwide by the coronavirus.
- 13.2 million people were affected by the cancelations or postponing of festivals.
- $16.8 billion dollars in revenue was lost due to the virus from the festival circuit.
- $5.1 billion in ticket losses
- All this data came from Viberate.com.
Electronic dance music has been booming this past decade. Seriously, the growth has been astronomical. Sadly, electronic dance music has fallen to the 5th most popular genre (International Music Summit). Even with this, the scene has been making that money!
Due to Covid-19, the scene is expected to fall from a value of 7.3 billion to 3.3 billion, which is cut by 56% (International Music Summit). This could cause more damage in the next few years if the trends continue with COVID-19. This virus has made a profound impact on the music scene as a whole.
However, there are positives. We’ve been creative and came up with plenty of livestreams. Drive-in raves are now a thing. And some clubs and festivals are promoting a distanced dancefloor. In fact, 7/10 of the most-watched livestreams were electronic music based (International Music Summit). One problem with the streaming is Copywrite issues, which is currently a hot topic in the EDM community. Streaming alone is expected to generate an additional $0.1 billion in revenue (International Music Summit). It’s not enough to make up the losses yet, but it is something!
We will continue to try to make this work, however. The EDM community is strong and despite losses in revenue, there will be positives and we will come together as a community after this is all over. Don’t forget to check out the first article! This article connects directly to our article: The Economic Impact of Corona on Festivals.
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