When people in the music industry talk about the impact of the Covid-19 pandemic, they’re often thinking about the immediate hit that artists have taken to their live revenues.
It’s worth remembering that there’s another sucker-punch lying ahead for musicians and rightsholders alike though.
“The particular challenge for the music industry is surmounting the delayed effect. As a rights and royalties-based industry, balance sheets will really redden come the first financial quarter of 2021,” says John Phelan, director general of publishers body ICMP. “That’s the crux of why we need close cooperation and to ensure the right structures are in place to adapt.”
He was talking for a feature on the Midem conference’s ‘Insights’ website, rounding up the various ways that the industry has responded so far to Covid-19.