While nobody knows how the worldwide epidemic will pan out, analysts say that music may lose $5 billion.
Friday, March 06, 2020
BTS, Green Day Cancellations Highlight $5 Billion Coronavirus Threat To Music
While nobody knows how the worldwide epidemic will pan out, analysts say that music may lose $5 billion.
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This Coronavirus really seems to be hitting the entertainment industry differently than many other industry. I think this is really because so much of this industry is live performance which involves so many different people (usually from all over) to be tightly packed into room which is not ideal for preventing the spread of viruses. Many other people in different industries can work from home which still allows them to do work and get paid but without all of the risks of this new coronavirus. It is really unfortunate that the music industry and other entertainment industries are the ones being so negatively impacted by this. I thought it was also interesting how the coronavirus has impacted the movie industry because they aren’t filming onsite in different countries. This is something that I just hadn’t thought about before. It is crazy how much money these industries can lose because of this outbreak. It really is so unfortunate that so many people are getting sick and so many people are affected in some way by this virus. I hope all of these cancellations helps stop the spread and helps contain it.
I think it’s crazy how much the Corona virus is affecting so many different things, not just people. Museums, concerts, flights, etc are all being cancelled due to the outbreak, and the consensus of when everyone will be safe is still undetermined. It’s really scary to think that a virus could cause so much destruction all over the world now. The fact that it's hitting the entertainment industry is also really scary especially when thinking about how long it took the virus to do the amount of damage it has and scare the amount of people it does. Also, the amount of money being poured into these productions and shows all for it to be cancelled is so heartbreaking. The hard work these people put into the shows is all going to waste, and there is no telling if any of it will be salvageable, both monetarily and performance wise- I hope there is some kind of way to get their money back.
I think it’s crazy how much the Corona virus is affecting so many different things, not just people. Museums, concerts, flights, etc are all being cancelled due to the outbreak, and the consensus of when everyone will be safe is still undetermined. It’s really scary to think that a virus could cause so much destruction all over the world now. The fact that it's hitting the entertainment industry is also really scary especially when thinking about how long it took the virus to do the amount of damage it has and scare the amount of people it does. Also, the amount of money being poured into these productions and shows all for it to be cancelled is so heartbreaking. The hard work these people put into the shows is all going to waste, and there is no telling if any of it will be salvageable, both monetarily and performance wise- I hope there is some kind of way to get their money back.
I think it’s crazy how much the Corona virus is affecting so many different things, not just people. Museums, concerts, flights, etc are all being cancelled due to the outbreak, and the consensus of when everyone will be safe is still undetermined. It’s really scary to think that a virus could cause so much destruction all over the world now. The fact that it's hitting the entertainment industry is also really scary especially when thinking about how long it took the virus to do the amount of damage it has and scare the amount of people it does. Also, the amount of money being poured into these productions and shows all for it to be cancelled is so heartbreaking. The hard work these people put into the shows is all going to waste, and there is no telling if any of it will be salvageable, both monetarily and performance wise- I hope there is some kind of way to get their money back.
It's frightening to think about the impact that coronavirus could have on the entertainment industry, especially when it's put in huge, difficult to comprehend figures like this. Five billion dollars is a massive amount of money, even if it's spread accross the entire industry and the entire country. Compounded with other disruptions and expenses related to the coronavirus, and especially considering the large chance of recession that the economy was already facing prior to this crisis, the effects of the coronavirus could be truly dire for thousands of artists accross the country. Without significant stimulus and support, many arts organizations could close, and many artists could struggle to provide for themselves and their families. I think it's difficult to underestimate how much this could hurt the industry. Places like Carnegie Mellon School of Drama should be on the front end of this, working with students and alumni to develop strategies to help the industry survive shocks like this.
The entertainment industry is taking a big hit due to the coronavirus pandemic. All I ever hear these past few weeks is events getting cancelled. I’ve seen so many artists post on their social media that they are canceling tour dates and concerts. One thing that this article did bring my attention to was the lasting effects of these cancellations. I did not give thought to how these cancellations are going to roll over into next year. And that is problematic because it’s going to make event spaces more competitive to reserve, making prices drive up. We can really see how this pandemic is hitting our economies, and the most worrisome part is that it’s only getting worse from here. The economy’s already going into recession. Although it wasn’t a pandemic, this whole crisis reminds of SARS back in 2003….One thing that I’m very disappointed about is how there are many people not taking this pandemic seriously which is risking everyone’s health and safety. We need to be doing everything we can to stop this pandemic.
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