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Friday, March 27, 2020
Cirque du Soleil explores options including bankruptcy - sources
Reuters: Cirque du Soleil Entertainment Group is exploring debt restructuring options that include a potential bankruptcy filing, after it was forced to cancel shows because of the coronavirus outbreak, people familiar with the matter said.
I have to say this article makes me nervous for the future of Cirque du Soleil. It's such an essential staple in the entertainment industry, in my opinion, and it would be really sad to see them potentially downscale or disappear for a while. It's been a lifelong dream of mine to work for Cirque and if I'm being completely honest this article makes me worried that that may never happen. But let's pretend everything's okay and there's nothing to worry about. My eyes went as wide as saucers when I read that their debt is around $900 million. I think I sometimes forget the amount of money that goes into creating shows and productions of this scale and variety. Hopefully, whatever solution they end up going with keeps them somewhat afloat for the duration of the COVID quarantine and allows them to come out the other end with minimal damage.
It was very interesting to learn about Cirque du Soleil’s current financial troubles. Obviously, in the midst of the Covid-19 epidemic, it is understandable that they would have to cancel their shows, as that is basically what has happened for all entertainment venues worldwide. It is understandable that these shutdowns could cause a financial issue for the company. That being said, the article makes it clear that Cirque du Soleil was already having some financial issues. That really struck me as surprising. I would have had no idea, because I know that Cirque du Soleil is wildly popular with their travelling shows as well as their permanent shows in locations such as Las Vegas. I have attended a small handful of the Cirque du Soleil performances when they’ve made their way through Los Angeles, and every time I have been, I have only seen nearly or completely sold out performances. It is kind of terrifying that such a successful company could easily go completely out of business during this epidemic, whether or not they had financial issues prior to all this going down. It makes me wonder about the performing arts industry in general, and how massively it will be affected. This concerns all of our futures, and currently, it is not looking good.
It seems more and more surreal as so many pieces of life that we take for granted undergo increasingly drastic change. Two months ago Cirque, as far as I know, was doing great. They were opening new shows and continuing as the entertainment staple that is famous around the world. A few weeks ago, I read here that they were laying off ninety per cent of their employees (rather gracelessly, I might add), and now they very well might declare bankruptcy. Of course, they will almost certainly come back after the end of this crisis, although I imagine they will struggle for a long while with the rest of the economy. Even so, bankruptcy is no small thing. And so it goes with the Tonys, and the Olympics, and nearly every other landmark event of modern life. It really is an odd feeling, being stuck at home for weeks, knowing very few people so far that have been directly affected by the virus, and yet watching the entire world shut down. I only hope that Cirque, and the rest of the entertainment industry, will be able to bounce back relatively quickly when this is done.
This was a shocking news. The world-famous entertainment group like Cirque du Soleil getting into a desperate situation means a lot for the industry and also for the people who are willing to enter the industry. I thought this news stood like the symbol of how unstable the entertainment industry is. I really hope Cirque du Soleil to recover, since I have not experienced their magic yet. Since this was the only thing I could do to show my support, I watched 60-minute special uploaded on YouTube by Cirque du Soleil after hearing this news. (Here is the link is anyone’s interested! https://www.youtube.com/watch?v=nQ5eUJNXrMw) Every aspect such as stage sets, costumes, lighting design, and choreography of course, are so detailed and rich. I don’t want to imagine the world losing this cultural heritage. In addition, I believe how the entertainment industry recovers from this global recession matters a lot for the next generation.
4 comments:
I have to say this article makes me nervous for the future of Cirque du Soleil. It's such an essential staple in the entertainment industry, in my opinion, and it would be really sad to see them potentially downscale or disappear for a while. It's been a lifelong dream of mine to work for Cirque and if I'm being completely honest this article makes me worried that that may never happen. But let's pretend everything's okay and there's nothing to worry about. My eyes went as wide as saucers when I read that their debt is around $900 million. I think I sometimes forget the amount of money that goes into creating shows and productions of this scale and variety. Hopefully, whatever solution they end up going with keeps them somewhat afloat for the duration of the COVID quarantine and allows them to come out the other end with minimal damage.
It was very interesting to learn about Cirque du Soleil’s current financial troubles. Obviously, in the midst of the Covid-19 epidemic, it is understandable that they would have to cancel their shows, as that is basically what has happened for all entertainment venues worldwide. It is understandable that these shutdowns could cause a financial issue for the company. That being said, the article makes it clear that Cirque du Soleil was already having some financial issues. That really struck me as surprising. I would have had no idea, because I know that Cirque du Soleil is wildly popular with their travelling shows as well as their permanent shows in locations such as Las Vegas. I have attended a small handful of the Cirque du Soleil performances when they’ve made their way through Los Angeles, and every time I have been, I have only seen nearly or completely sold out performances. It is kind of terrifying that such a successful company could easily go completely out of business during this epidemic, whether or not they had financial issues prior to all this going down. It makes me wonder about the performing arts industry in general, and how massively it will be affected. This concerns all of our futures, and currently, it is not looking good.
It seems more and more surreal as so many pieces of life that we take for granted undergo increasingly drastic change. Two months ago Cirque, as far as I know, was doing great. They were opening new shows and continuing as the entertainment staple that is famous around the world. A few weeks ago, I read here that they were laying off ninety per cent of their employees (rather gracelessly, I might add), and now they very well might declare bankruptcy. Of course, they will almost certainly come back after the end of this crisis, although I imagine they will struggle for a long while with the rest of the economy. Even so, bankruptcy is no small thing. And so it goes with the Tonys, and the Olympics, and nearly every other landmark event of modern life. It really is an odd feeling, being stuck at home for weeks, knowing very few people so far that have been directly affected by the virus, and yet watching the entire world shut down. I only hope that Cirque, and the rest of the entertainment industry, will be able to bounce back relatively quickly when this is done.
This was a shocking news. The world-famous entertainment group like Cirque du Soleil getting into a desperate situation means a lot for the industry and also for the people who are willing to enter the industry. I thought this news stood like the symbol of how unstable the entertainment industry is. I really hope Cirque du Soleil to recover, since I have not experienced their magic yet. Since this was the only thing I could do to show my support, I watched 60-minute special uploaded on YouTube by Cirque du Soleil after hearing this news. (Here is the link is anyone’s interested! https://www.youtube.com/watch?v=nQ5eUJNXrMw) Every aspect such as stage sets, costumes, lighting design, and choreography of course, are so detailed and rich. I don’t want to imagine the world losing this cultural heritage. In addition, I believe how the entertainment industry recovers from this global recession matters a lot for the next generation.
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