Music is everyone’s outlet nowadays, but the industry seems to be in some trouble.

It may not seem like it, but the ongoing COVID-19 pandemic is affecting more than just daily life. It’s affecting countless industries, but most notable, it is affecting the music industry. There are many ways that the music industry is affected by the pandemic, in both positive and negative ways. However, it seems as if there are more negatives than positives.

Loss of revenue is a big one that is damaging the music industry. Artists across the affected regions have had to postpone, or even cancel, concert events which is creating a loss in revenue. Not only are concerts being performed from Post Malone to Billie Eilish being postponed, but major notable events across the country are being cancelled. 2020 Coachella and the global music-tech conference SXSW are just some of the popular music events that have been cancelled due to the coronavirus. North America’s largest concert promoters AEG and Live Nation have suspended all their shows, which is obviously creating a loss in potential revenue that could’ve been gained from ticket sales of multiple events. Artists and concert promoters are left scrambling to reschedule concerts for the future even though the future of when this will all end is very uncertain and there is no timetable for what things can turn to normal. This creates a bigger problem. 

At the same time, however, the industry is also gaining revenue. Being stuck in home all day, what is there to do? Many people affected by the stay at home orders are turning to music. Streams, digital purchases from music providers like iTunes, and even physical purchases of albums and songs are all accounted for in revenue. It seems as if it could potentially even out the lost revenues some artists who planned tours throughout the affected dates have lost on. 

Pop stars and music influencers like Ariana Grande, Katy Perry, Lady Gaga, Justin Bieber, are just some of the artists who have released new music during the pandemic that have contributed to the music industry and they have even set up relief benefit funds to assist those affected by the current ongoing pandemic. Bands like Maroon 5 and other major bands and artists have had to cancel their scheduled 2020 concert dates. While this is an obvious disappointment to all those planning to attend and even the concertgoers, it is the right thing to do considering the circumstances.