Report: Covid-19 to cost festival sector $16.8bn
A new report from music company Viberate examines the wide-reaching effects of the coronavirus on the 2020 music festival season and where it’s hit the hardest.
According to the report, more than 750 festivals worldwide have been affected. The country that seems to have had the most festivals cancelled or postponed is the Netherlands. With 121 festivals feeling the effects of the COVID-19 they were hit worse than the UK and the US, with 86 and 90 festivals reported to be affected respectively.
Data also shows that while 127 festivals were either cancelled or postponed in March, most waited until April when 230 were cancelled or postponed, and another 193 in May.
Estimated direct economic impact (monetary loss) is $16.8 billion, with $5.1 billion in estimated ticket loss. Apparently, 13.2 million fans are going to be unable to attend any festivals this season.
You can access the full report here.
