As well as shortages of staff, a scarcity of resources could potentially be a problem for the sector. If more shows are staged, and you have productions in parallel, there will be a higher demand on touring equipment, which is often hired from rental houses with limited resources. (Credit: Allianz Global Corporate & Specialty) As well as shortages of staff, a scarcity of resources could potentially be a problem for the sector. If more shows are staged, and you have productions in parallel, there will be a higher demand on touring equipment, which is often hired from rental houses with limited resources. (Credit: Allianz Global Corporate & Specialty)

The COVID-19 lockdowns of 2020 and subsequent restrictions on gatherings had a devastating effect on the creative economy. Losses to the live events industry totaled more than $30 billion, according to music industry trade publication “Pollstar,” including ancillary revenues such as merchandise, sponsorship and hospitality. Even after certain restrictions were eased in 2021, the pandemic left its mark on human behavior, with 84% of people saying they were spending more time on online entertainment at home than on in-person entertainment outside it.

But this year, the industry is singing a very different tune. Music lovers have returned to the thrill of the collective experience with seemingly more passion than before. Some smaller festivals have struggled because of rising costs, with the cost-of-living crisis hitting their ticket sales, but we’re seeing good demand from the spectator side, with most of the big-name festivals sold out and a lot of tours back on — although there have been some high-profile no-shows and postponements because of COVID. Looking further ahead, no one knows yet what COVID-related restrictions might be needed in the autumn and winter, but for the moment there’s real hunger from fans for live events, and larger promoters are recording record numbers.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.