We’ve heard the news about how businesses everywhere struggled because of the recent pandemic outbreak. For the music and entertainment industry, they faced one of the earliest implications of the virus due to travel restrictions and increased regulation of social distancing. This article might help in your understanding of how the music industry, much like many businesses, is affected.
Slowly and all at once, many live events such as SXSW and Coachella are either being cancelled or postponed to a later date. As much as the decision to cancel or postpone came at an abrupt notice due to the increased number of coronavirus cases, temporarily speaking, this is the best and safest move for everyone involved.
As scientists discovered that the novel coronavirus is extremely dangerous due to how fast it spreads from one person to another, and more so if it’s in a crowded place, the move to cancel or postpone is a temporary measure to slow down the spread of the virus.
Additionally, these organizers cannot risk exposing their artists, the staff and the concert-goers or they may face serious repercussions from the authorities. However, all in all, if the virus persists, we might see even more announcements of events being cancelled or postponed in the foreseeable future.
Even before this outbreak, musicians struggled to generate a sustainable income due to issues like piracy and app-based listening, coupled with how little royalties make up their total income, the sudden cancellation of events is alarmingly bad news.
There is still some possibility that record labels who are in the streaming business could survive, albeit with a little challenge, amidst the outbreak. However, much cannot be said for the live music promoters who have relied entirely on concerts, small gig shows, and festivals.
With economists warning about the inevitable economic crash that will be felt across the globe, the music industry could stand a loss of multi-billion dollars, all of which resulting in a prolonged period of business uncertainties and massive fallout of workers.
Many people working in the entertainment and the music industry relied on the gig economy or working freelance prior to the virus outbreak. However, with most events being canceled or postponed, these people are left without an income unlike workers in the conventional sector, at least for the most part.
Despite the cancellations or postponement of upcoming major and minor events, some artists, fuelled with passion, have turned online to Livestream their music and virtually interact with their fans. As people are forced to stay at home and there’s a huge spike in online connectivity, in times like this, cheering each other up with music and another form of entertainment is a much-needed relief.
However long this may be, it is without a doubt, everyone including the music and entertainment industry will be in the loop of uncertainty and an overwhelming sense of crisis.
Many experts from the music and entertainment industry agreed that 2020 could be the darkest year yet, not just artists alone, but everyone involved in it. Could this outbreak signal a new dawn in the streaming business? Will this forever change how organizers plan for their events, for better or for worse?
Ultimately, will music emerge again after this coronavirus ends? If so, how?