The music industry is suffering a massive hit due to the coronavirus (COVID-19) pandemic, which affects artists, managers, venues, promoters, crews, etc. — and we’ve only just begun to assess the damage. According to the Recording Academy, “the financial collapse is already taking its industry-wide toll.”
The unprecedented postponements/cancelations started with Ultra Miami, Tomorrowland Winter, and SXSW, and snowballed from there. With artists relying so heavily on touring to make money, these mass cancelations of shows and tours are bound to impact artists and music industry professionals everywhere. Simply put: No shows = no paycheck.
In a recent article from Recording Academy editor John Ochoa, he states:
As the coronavirus itself continues to spread, so too does its ramifications on the music industry. While industry experts and analysts are projecting that the live concert business could stand to lose billions, the financial fallout is virtually immeasurable at this point.
The Academy also reminds musicians of its MusiCares program during this difficult time:
If you are an artist or music professional who has been impacted by this unprecedented circumstance and are in need of assistance, please visit the MusiCares page to learn more about the financial, medical and personal emergencies services and resources offered by the Recording Academy.
Read the entire article here.
Photo via Alex Estrada for Insomniac Events
