LONDON (CelebrityAccess) — The Music Managers Forum UK has compiled data that reveals the crippling financial effects of the COVID-19 pandemic on the UK’s live music industry.
The data, collected by a survey of 150+ music managers and artists, detailing the impact of more than 2,100 canceled shows, delayed campaigns and lost earnings. According to the MMF, more than £50m has already been lost to the music economy with more than £68m in losses predicted if shows continue on hiatus for the next 6 months.
According to the MMF, most of the losses so far have accumulated for the live industry, however, there are “substantial” impacts on other aspects of the business, including merch, and brand deals.
The MMF called on the music industry at large to longer-term viability of artists and music makers by implementing measures such as “recoupment holidays”, during which all of the royalties from streaming would be paid directly to music makers, regardless of their current balance.
The MMF also called on the recording industry to support crisis funding, emergency advances from PROs and repurposing of “black box” revenues to support artists during the pandemic and its aftermath.
“Artists and music makers are faced with a short term crisis and a longer-term catastrophe. This MMF and FAC survey is only a snapshot, but it highlights that millions of pounds have already been lost through cancelled shows and campaigns. With Government support for freelancers not kicking in until June we need the biggest record labels, music publishers and licensing organisations to act. We need them to do more, and we need them to do so now,” said MMF CEO Annabella Coldrick.