Live events are one of the most beloved ways to enjoy entertainment. Whether it’s an arena show, Broadway play or concert at a concert hall, they bring people together in person for an enjoyable experience with others.
Due to the COVID-19 pandemic, many in the entertainment industry feel helpless and out of luck as live performances were curtailed for much of 2020 and 2021. Estimates suggest that this event cost the industry $30 billion in revenue losses.
However, there is good news: thanks to increased COVID vaccination rates, many live events will resume in 2021 and beyond – though with some work still needed.
1. Live event operators must guarantee their employees receive vaccinations against the flu virus and take steps to safeguard themselves financially from potential lawsuits.
2. Artists and venues may set their own COVID regulations, so be sure to check the event website for confirmation of any requirements.
3. Venues and ticket sellers have adjusted their refund and cancellation policies to take into account COVID-related postponements or cancellations.
Purchasing tickets to a live event is an important investment, and one that comes at a cost. So it’s essential to comprehend the potential hazards involved.
Live events are an integral component of entertainment and society, playing a major role in our culture and economy. Unfortunately, the recent coronavirus pandemic has put a severe dent into this sector – it won’t recover to pre-pandemic levels anytime soon.
4. Live music, cinema and other forms of entertainment experienced a 70.4% decline in revenues from 2019 to 2020 in the United States alone.
5. The live entertainment industry is still struggling and has yet to fully recover, but analysts anticipate a rebound in the near future.
6. The entertainment industry has been a cornerstone of the US economy, contributing $70 billion annually in Gross Domestic Product (GDP) and employing over 5.1 million individuals.
7. The entertainment industry still has a long way to go before it can fully recover from the current COVID-19 crisis and resume its role as an economic force in America.
8. The live events industry is a creative and people-based industry, so managers must be mindful of how the crisis may impact their employees’ creativity.
9. The entertainment industry is a large undertaking, so companies must be accommodating when rescheduling or canceling events.
10. The live entertainment industry is a creative and people-based endeavor, so companies must exercise caution when laying off too many employees.
11. The entertainment industry is an integral part of the US economy and an influential force in shaping our culture.
12. The entertainment industry is a vast field, so companies must be adaptable and adaptive to shifting market trends in order to remain competitive.
13. The live events industry is a creative and innovative one, so companies that want to remain successful must be adaptable enough to adjust according to shifting market dynamics.