Industry Update: Here's what happened this week (November 13 Edition)

Industry Update Nov 13, 2020

A COVID vaccine was announced, a "Blueprint" is in the works in Scotland and #LetUsDance took a stand in parliament

Some good news. 📰

If you haven’t heard, Pfizer announced on Monday that their COVID-19 vaccine was found to be 90% effective. While there is still a ton of work to be done, the market response indicated that this was some pretty great news. Stock prices went up across the board in a number of industries that were negatively impacted due to our recent circumstances, while others that have surged during the pandemic suffered a noticeable drop.

We’d like to give a shoutout to LiveNation which topped 30% gains at one point during the day. A vaccine is great news all around but especially for the live events industry because it’s the biggest barrier preventing anything from going forward. The announcement and subsequent increase in stock prices paired with the “bullish” future outlook from the Q3 earnings call late last week is giving us hope that we are finally seeing the first sign of light at the end of a very long, very dark tunnel.

“If we don’t plan...we won’t be ready.” ✔️

Scotland is working on a “blueprint” to help the live events sector restart and it’s expected to be released before the end of the year. It was recently announced that £2.75 Million was earmarked to provide support to events throughout 2021 to ensure they can move forward and adapt to any new guidelines introduced. The goal is not only to help the events sector, but to boost the economy and reignite tourism. The blueprint is an attempt to provide all parties with the necessary information to proceed safely, including promoters, organizers, venues and audiences, and will focus on hygiene and social distancing advice for all sorts of live events. The end goal? Normal events at full capacity.

#LetUsDance 💃

You may have seen a petition floating around on social media last week and after securing over 145,000 signatures; that petition was presented in parliament on Monday. The #LetUsDance campaign was a collaboration between the Night Time Industries Association (NTIA) and the Association for Electronic Music (AFEM) created to press the government for funding for the UK dance music industry which includes nightclubs and other events and festivals. During the debate, social media was flooded with #DearBoris posts from industry professionals and music lovers alike in support of the petition. The struggle with the UK government for industry support is ongoing and will continue until contemporary music is recognized as an important part of arts and culture.

Many eloquent arguments were made in support of the petition. Lucy Powell, MP for Manchester, made some excellent points. You can view the full debate, but here are a few choice quotes:

“These sectors are at the center of a wider ecology of jobs and employment…”

“The majority of these businesses are not just viable, they are world leading enterprises generating and contributing billions of pounds to our economy.”

“...the financial impact on these sectors has been alarming...the night time economy is down 90% since the beginning of this pandemic.”

One of our personal favorites:

“They’re creative, expert people and let’s not remember, they are used to managing events, that’s what they do…”

And la pièce de résistance:

“These are viable businesses; they are not like some other parts of our economy going through some structural change. They were massively growing before this pandemic and let’s be honest, the minute that we are allowed to celebrate and party with our families again, we will be doing so, there will be huge demand for events and weddings.”

Malorie Swartz

Chief Content Creator & Main Marketer

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