Live music down 64% this year – but will rebound in 2021
The global live music business has shed a staggering $18bn in value in 2020, according to new PwC analysis. The recovery, however, will be swift
News By IQ | 10 September 2020
The money generated by live music ticket sales and sponsorships has fallen 64% in 2020, with nearly US$18 billion having been wiped off the value of the international concert industry this year alone.
That’s according to the latest figures from auditing firm PricewaterhouseCoopers (PwC), whose new Global Entertainment & Media Outlook illustrates for the first time the economic devastation wrought by the novel coronavirus and subsequent restrictions on staging live events.
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The Global Entertainment & Media Outlook 2020–2024 – whose forerunner, the pre-coronavirus Outlook 2019–2023, predicted average annual live music growth of 3.33% through 2023 – revises that figure down to 1.4% (2019–24) to reflect the impact of Covid-19.
In total, live music will generate a projected $10.4bn ($8.3bn ticket sales + $2.1bn sponsorship) in 2020 – down from nearly $29bn in 2019, and…
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