Live events industry lost $30B due to COVID-19 pandemic, Pollstar says
By Mesfin Fekadu
Live entertainment industry lost $30B in revenue due to COVID-19
Pollstar on Friday released its year-end report, explaining that the live events industry should have hit a record-setting $12.2 billion this year, but instead it incurred $9.7 billion in losses.
NEW YORK - Due to the global coronavirus pandemic, concert trade publication Pollstar puts the total lost revenue for the live events industry in 2020 at more than $30 billion.
Pollstar on Friday released its year-end report, explaining that the live events industry should have hit a record-setting $12.2 billion this year, but instead it incurred $9.7 billion in losses. The company added that the projected $30 billion figure in losses includes “unreported events, ancillary revenues, including sponsorships, ticketing, concessions, merch, transportation, restaurants, hotels, and other economic activity tied to the live events.” Those losses accounted for more than $8 billion.