Coronavirus has wreaked havoc on the music industry, with live performance revenues being the most significant casualty.
A six-month suspension is expected to cost the sector more than $10 billion in sponsorships, with lengthier delays proving to be considerably more costly. The music industry is fighting back with inventive approaches and new methods to monetize music consumption. Based on the vital of streaming, which has increased from 9% to 47% of total industry revenues in just six years, the crisis is expected to exacerbate underlying tendencies in the music industry.
Unlike restaurants, which have no maximum restrictions, live entertainment venues are only allowed to be half-filled.
Audience members are required to sit and are not permitted to dance.
Except when eating or drinking, masks must be worn. The Rickshaw had to postpone nine of twelve events in September due to the financial implications of capacity constraints. According to Tarmohamed, the restrictions are just not sustainable.
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WATCH: https://t.co/W9wnO88yhf@FightKobraKai @mscalamitykate pic.twitter.com/VvEf2og4qb— Rickshaw Theatre (@RickshawTheatre) December 4, 2021
Mo Tarmohamed regarded the provincial government’s B.C. Restart strategy had the potential to get his business up and running when it was introduced in May. The founder of the Rickshaw Theatre, like many others in the music industry, had been affected hard by the pandemic, which had forced him to close his doors for months. Tarmohamed booked a number of events for September and more for October after learning of the government’s plans. However, when the fourth wave arrived, the limits remained in place. He had to cancel five sold-out events in October due to capacity issues rather than the 50% required until further notice. As a result, it has had a significant impact on his business. It’s challenging to make a living at 50% capability.
Live concerts at indoor venues constitute a significant source of money for touring performers in the fall and winter months, with the summer festival circuit in the rearview mirror. However, audience capacity constraints pose a problem. While stage performances in restaurants and small concerts can survive, more significant events, which provide substantial financial rewards for performers, are dwindling.