Uncertain times: The impacts of Coronavirus on the Music Industry and the industry’s new adaptation.
The COVID-19 pandemic is toppling the entertainment industry, with the music industry experiencing profound distractions. With lockdowns national wide curfews as well as travel restrictions to contain the spread of the virus, the music industry is with no doubt highly affected. The cultural and economic effects of the pandemic may leave massive negative effects on the industry. In a majority of ways, the pandemic has augmented trends that predated it. Some players and segments will be inalterably changed by the pandemic, while others might be shifted for adaptation and possible growth while the crisis subsides. The worldwide music industry is valued at about $50 billion, with two main streams of income. The first stream of income is live music, which makes about half of the industry’s entire revenues, resulting from the live performances ticket sales. The second revenue stream is from digital downloads, streaming, synchronizing revenues, and physical sales. Coronavirus has significantly […]