30/04/2020: Extended refund grace periods, VAT breaks on tickets and information on when business will resume are essential to safeguarding the industry, says UK Music’s Tom Kiehl
With Boomtown, Latitude and Trnsmt the latest to join Glastonbury and many others on the cancellation list, we are facing a wipeout of the summer festival season. It is impossible to overstate the pain coronavirus is causing to the live music sector which contributes £1.1 billion a year to our economy and sustains more than 30,000 jobs.
Many organisers face losing huge amounts of money they have paid out, raising real fears some smaller festivals may never return unless they get urgent help. Money has already been spent on deposits for artists and contractors, marketing and promotion, employee costs and the foundations needed for a major event.
Many independent festivals have said their insurance will not cover Covid-19. They rightly feel they are among those falling through the gaps in the safety net on offer from the government.
There is also the major issue of refunds, which could mean the end of the road for some festivals without a lifeline to help with their crippling cash flow problems.
Read the full article at IQ here.