As well as shortages of staff, a scarcity of resources could potentially be a problem for the sector. If more shows are staged, and you have productions in parallel, there will be a higher demand on touring equipment, which is often hired from rental houses with limited resources. (Credit: Allianz Global Corporate & Specialty)
The COVID-19 lockdowns of 2020 and subsequent restrictions on gatherings had a devastating effect on the creative economy. Losses to the live events industry totaled more than $30 billion, according to music industry trade publication "Pollstar," including ancillary revenues such as merchandise, sponsorship and hospitality. Even after certain restrictions were eased in 2021, the pandemic left its mark on human behavior, with 84% of people saying they were spending more time on online entertainment at home than on in-person entertainment outside it.
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