CLEVELAND, Ohio – The largest concert and live events company in North America is reportedly making changes to the way it does business with acts next year. Rolling Stone has obtained an internal memo from Live Nation outlining changes its financial model when it comes to working with artists and their agents.
Live Nation is the leading concert promotion company in Northeast Ohio, handling the bulk of shows at Blossom Music Center (including the Country Megaticket), Jacobs Pavilion at Nautica and Rocket Mortgage Fieldhouse.
Among the new policies is a system that lowers artist guarantees by 20 percent. If a concert gets canceled due to low ticket sales, Live Nation will give an artist 25 percent of that guarantee, compared to the usual 100 percent (which is probably why it’s called a guarantee). If an artist cancels a performance, the artist will pay the promoter (Live Nation) two times the artist’s fee.
“The global pandemic has changed the world in recent months and with it the dynamics of the music industry,” the memo states. “We are in unprecedented times and must adequately account for the shift in market demand, the exponential rise of certain costs and the overall increase of uncertainty that materially affects our mission. In order for us to move forward, we must make certain changes to our agreements with the artists. The principle changes for 2021 are outlined below.”
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June 18, 2020 at 06:41PM
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Live Nation to change financial relationships with artists due to coronavirus - cleveland.com
"artist" - Google News
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