Global Concert Industry Lost Over $30 Billion in 2020

The global concert industry lost over $30 billion in 2020 due to the health crisis, Variety reports. This includes $9.7 billion at the box office. The information was reported in Pollstar's year-end report.

Before the pandemic hit, the industry was projected to set a new record, bringing in $12.2 billion at the box office.

The projected figure includes unreported events, ancillary revenues, including sponsorships, ticketing, concessions, merchandise, transportation, restaurants, hotels, and more.

"It's been an extraordinarily difficult year for the events industry, which has been disproportionately impacted by the Coronavirus," said Ray Waddell, president of Oak View Group's Media & Conferences Division, which oversees Pollstar and sister publication VenuesNow. "As painful as it is to chronicle the adversity and loss our industry and many of our colleagues faced, we understand it is a critical undertaking towards facilitating our recovery, which is thankfully on the horizon. With vaccines, better testing, new safety and sanitization protocols, smart ticketing and other innovations, the live industry will be ramping up in the coming months, and we're sure that at this time next year we'll have a very different story to tell."

You can read the full report here and the original story on Variety.