Live Events Start Comeback in California
As reported by Axios, the "live economy" of broadway shows, concerts, music festivals and more is navigating a shifting landscape, with some states opening fully and others shifting more gradually.
COVID-19 has impacted the live economy more than most industries, with a peak of 47% unemployment. Before the pandemic, the industry's unemployment rate was 4.7%, and it has rebounded to 14.5%. One need only look at LiveNation, with a $1.6 billion loss last year, after a 2019 with a $324 million profit.
This week, California will allow concert halls and theaters to reopen with capacity limits. Capacity can reach up to 50% in the lowest-risk areas, if attendees are tested or show proof of vaccination. Texas and other states have lifted all capacity limits.
A small business aid program was created for theaters, museums and other performing-arts venues opened on Friday, but the SBA is currently experiencing technical issues.
"Generally speaking, if a venue sells less than 70% of the house, they lose money on the show," says Doug Arthur, an analyst who covers concert company Live Nation at equity research firm Huber Research Partners.
Reliability and capacity issues remain, but live events are looking ahead to the summer with optimism.
Ahead to Anaheim
The city of Anaheim is not only home to The NAMM Show, but it is also the center of vibrant business, sports, culinary, entertainment and travel cultures.
Anaheim is leading a variety of initiatives to create a safe and healthy environment across its city to welcome guests back to this thriving center, with Disneyland and other Anaheim attractions opening their doors again. Learn more about Anaheim's reopening.