Vibrate Report is finally out and relates the economic impact of the coronavirus on the 2020 music festival season ; the record is alarming.
Vibrate Report, about the economic impact of Covid-19 on the music industry is out. This report, based on data, reveals the losses by country, as well as for the fans. To make it, lots of studies have been taken into account. Among them, the number of festivals cancelled / postponed during the pandemic pediod have been used. The number of fans who were enable to attend the events, the estimated ticket loss and direct economic impact too. Without forgetting the correlation between economic impact and festival size.
Key takeaways from the report
Besides, we can identify some key takeaways from the report. First, the Netherlands is the most affected country with 121 cancelled or postponed festivals. Followed by the United States (with 90), and the United Kingdom (86). Then, it appears that the direct economic impact (monetary loss) will reach $16.8 billion, which is tremendous. In total, the number of fans unable to attend music festivals after the first months of postponements and cancellations is estimated at 13.2 million.
The report’s main advices
Then, in this report, the team gives 2 main advices to festival organizers to get back on the track. The first one is to make less risky data-based decisions. For this, they could use Viberate pro, a tool offering data-driven insights for music pros, currently in beta trial. It would allow them to explore the PRO Charts to filter the artists by country, genre and subgenre. Afterwards, they could sort them by Viberate popularity, channel-specific parameters, and desired timeline.
The second advice is for them to maintain festival communities. Indeed, they highlight the fact that a “clear and agile communication with fans is key”. So organizers could deploy an easy-to-use application for them all. In that way, they could make promotional and communication efforts simpler. This application would also allow the festivalgoers to access the content easily and be up to date with real-time information.
Don’t hesitate to click here, if you want access to the full report. Enjoy your reading!