The music industry has stumbled to the ground with zero activity at present for the ineffective suppression of Coronavirus and it will take months to recover the loss.
The impact of novel Coronavirus on the music industry is so huge that it has paralyzed the backbone of the industry i.e. the realm of live concerts. It crashed the business of the live concert promoters withing the stint of two months since the pandemic started to reach the peak. Market experts are saying it will take 18 months to get out of this blow. The unexpected strait has become the main reason for Live Nation Entertainment that owns Ticketmaster to crumble with a 60% fall in its business in a period of one month.
As usual, February is like Christmas for musicians as live concert shows start to gear up from this time around the year. But the 2020 picture was quite different from the rest of the previous years as the wrath of COVID-19 has taken away all the charms for the shows in late March. Though stocks have gathered rebounds for the last few weeks, Live Nation was not lucky enough to see the light. It’s not an uncongenial moment only for Live Nation but for the whole music industry and it will take several months to set the wheels in motion.
All the countries are under a temporary lock-down state for an unfixed period and all the citizens of all the affected countries are ordered to stay at home and maintaining social distancing at any cost, as this is the only way to stop the proliferation. The live concert industry is going through an imbalanced circumstance where most of the live shows are being renegotiated after the whole lock-down will be over. The venue authorities are demanding 50% deposits of the whole payment before performers are set to the stage without any proper indication of organized dates yet. That leaves the industry to struggle with liquidity and months of no source of income.