Japanese Live Entertainment, Concert Industry Projected to Drop 70% in 2020
posted on by Rafael Antonio Pineda
The Pia Sōken live entertainment research company revealed on June 30 that it projects a 70% drop in revenue for live entertainment events in 2020 compared to last year. The company projected a total 2020 revenue of 183.6 billion yen (about US$1.70 billion) for 2020, down from last year's 625.9 billion yen (about US$5.81 billion).
Live events in Japan began delaying or canceling due to the spread of the new coronavirus disease (COVID-19) as early as February, and events still limited attendance even after the lifting of the state of emergency in Japan in June. Pia Sōken projects that the rest of the year will not be enough to revitalize the market.
Last year's total industry revenue of 625.9 billion yen represented a 7.4% increase from 2018, and the third year-on-year increase for the industry, as well as the first time Pia Sōken recorded a revenue above 600 billion yen (about US$5.57 billion) for the industry. Music-related live events earned 423.7 billion yen (about US$3.93 billion), and formed two-thirds of total revenue in 2019. Stage-related events earned 205.8 billion yen (about US$1.91 billion). Music-related events earned 9.3% more in 2019 compared to 2018, while stage-related events earned 3.6% more than 2018.