With the world slowly coming back to normal, the damages caused by the virus are more and more visible. Most industries suffered huge losses during the past year and a half, and now struggling to make a comeback.
As expected, the electronic music industry was one of the first and most affected. The overall value dropped as low as 54% last year. A study by IMS, together with Pioneer DJ and Billboard showed how bad the pandemic damaged our industry. The value went from $7.3 billion in 2019 to $3.4 billion in 2020. Even though everything is slowly opening again, 2021 will still be lower than in previous years. However, revenue will recover in the coming years. Governments from many countries around the world already reopened clubs and the possibility of organizing large-scale events. Skiddle data showing the value of festival tickets sold this March was more than the entire 2020 combined.
We can only hope that our most beloved events will make a comeback as soon as possible. Artists, technicians, and other thousands of suppliers that are part of this industry suffered huge losses during this period, and now we can see the long-awaited reopening.