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The Music Industry Reportedly Lost $30 Billion This Year Due To COVID-19 Pandemic

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The Music Industry Reportedly Lost $30 Billion This Year Due To COVID-19 Pandemic

By Yuriy Andriyashchuk
Hip-HopVibe.com Staff Writer

2020 has been a complete disaster as far as the music industry and live concerts. Things appeared to be going well until the second week of March when the coronavirus officially became a pandemic. Scheduled tours and festivals began getting either canceled or postponed and it was a very tough thing to watch unfold. Events such as SXSW, Coachella, and Rolling Loud all were thrown out due to fear of the spread of the virus.

Many figured that the music industry took a huge hit financially as well and this was the case for sure. According to Pollstar, the industry lost over $30 billion in 2020.

$20 billion was lost from lack of sales such as merchandise, sponsorships, restaurants, hotels, concessions, and more. $9.7 billion was another loss which would’ve accounted for movies/movie soundtracks.

“It’s been an extraordinarily difficult year for the events industry, which has been disproportionately impacted by the coronavirus. 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 toward facilitating our recovery, which is thankfully on the horizon,” said Ray Waddell, President of Oak View Group’s Media & Conferences Division, who oversees Pollstar and VenuesNow, in a statement.

With the news of the Pfizsr vaccine being distributed right away, there is optimism about live concerts with fans in attendance bouncing back strong in 2021. The Moderna vaccine may also be on its way very soon. Many fans have been ready to be back at arenas and stadiums for more sports games and concerts so the accomplishment of getting a COVID vaccine completed in less a year is incredible. Concerts are also already planning for events for 2021 in order to bounce back from this crazy year.

Follow Hip-HopVibe.com on Twitter and Instagram @HipHopVibe1.

26, from Atlanta, 2017 University of Nevada-Las Vegas alum, die-hard Atlanta sports fan, and loves Hip-Hop and R&B.

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