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The COVID-19 epidemic seems to have a huge effect on the music industry since it has on all creative industries. Numerous music events have been canceled or postponed, including music festivals, concert tours, and award ceremonies. While some artists and songwriters were able to use the extra time to produce new works, it had a negative impact on the many individuals who depended on performances for their livelihood.
Let's have a look at how coronavirus impacted the music world.
Challenging Time
It wasn't only concert venues that had closed; it was also clubs and locations which would ordinarily stream music tracks. According to the data, the music industry's contribution to the UK economy decreased by 46% last year, from £5.8 billion in 2019 to £3.1 billion in 2020, as numerous venues closed their doors and events like Glastonbury Festival were forced to cancel.
Lost Jobs
The live music industry's downfall impacted the performers and the thousands of individuals who worked alongside them.
This encompasses everything from road crew and sound engineers to security guards and transportation and equipment businesses, not to mention all of the venues and people who work there. In 2020, the music industry's workforce fell from 197,000 to 128,000 people.
Thousands of musicians, crew members, and others have left the business to pursue careers in other fields. Many remain devoted to a career in music, but the need has forced many to seek alternate means of income.
Demand for Online Platforms
During the peak of the epidemic, many artists resorted to online platforms to provide performances to their fans and followers, as well as to recover some of their lost income as their paid jobs and concerts came to a standstill.
We also saw a fresh shift in online performance at the start of the first shutdown in 2020. Thousands of musicians, including major names like Chris Martin and John Legend, performed smaller house performances. Big-name mega-producers like Andrew Lloyd Webber made partnerships with companies like Universal to bring musicals from the onstage to the tv and computer screens.
Spending On Advertising
Advertising budget decreases are also affecting the music industry around the globe. Spotify said that it failed its advertising objectives for the first quarter due to changes in ad expenditures.
Delayed Releases
On the distribution front, a rising number of artists postponed releases until later in 2021. This is partly due to the failure to use touring to publicize new releases, and concerts, in particular, have suffered greatly. A lot of important events and concerts have been postponed.
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