For festival and club-goers the routine for shows became like clockwork. The club opens at 10 pm and closes at 3 am, Tomorrowland takes place on the last two weekends of July, Ultra Miami starts the festival season in March, EDC is in the middle of May, and Creamfields finishes at the end of August. All of this became second nature to electronic music fans. Nothing ever missed a beat until 2020.
The COVID-19 pandemic not only forced small local clubs to close their doors but also the biggest festivals in the world. While everyone hoped for a shutdown of only a few weeks, the weeks turned into months, causing a major revenue and value loss to venues.
In the 2021 IMS Ibiza Report, the truth that people feared was proven. The report estimates that festivals and clubs lost 78% of their value. This percentage drop results in a massive $3.4 billion loss of revenue from 2019 to the end of 2020.
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