Forbes: Virus-Related Venue Closures Will Affect The Music Business For Years To Come
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Forbes: It’s no secret that the music industry has changed quite a bit the past few years, as many musicians now start their careers in their bedrooms and can quickly transition to a stage in front of 20,000+ people. Yet, only few make such a large jump while many indulge in the journey that begins with performances in front of smaller crowds and venues. Amidst the pandemic, leaving many independent music venues on the verge of being shut down, it appears that many musicians may not get that kick start opportunity.
Small to medium sized venues revolve around creating experiences and opportunities for beginning artists. Allowing small artists to still create somewhat of a name and public presence for themselves. A large portion of artists make about 75% of their revenue from their live performances, and an even larger percentage for those smaller name artists.
The potential permanent closure of these independent venues doesn’t only affect the venues and artists, but the economy as well. According to NIVA for every $1 spent on tickets for live performances about $12 goes back to the economy, coming to a grand total of about $10 billion in economic impact.
Currently there is not enough funding to support independent music venues, with the Paycheck Protection Program only funding payroll for employees. That is why NIVA has created saveourstages.com in hopes of providing further government funding for these venues. Not only will saving independent music venues protect artists and the physical venues but it will protect the economy and ensure that the music industry remains healthy for years to come.
