Uncertainty stemming from COVID-19 has hit the music industry hard. Now, a new study finds that one third of musicians will leave it altogether due to financial losses brought on by the pandemic.
The Musicians Union is based out of the United Kingdom and represents over 32,000 musicians working in the music industry. The organization released a new study on how the COVID-19 pandemic has effected musicians and discovered stark findings.
Their research found that 34% of musicians are considering leaving the industry due to financial hardship caused by the pandemic. Additionally, 47% of Musicians Union members have been forced to find work outside of the music industry and 70% currently doing less than a quarter of their normal work.
As furlough schemes are set to come to an end in the UK next month, 87% of musicians that were covered by the schemes say they’ll face financial hardship and 33% say they didn’t qualify for any available support.
The Musicians Union study continues to paint a grim future for the music industry as it follows research from the National Independent Venue Association (NIVA) in America finding that 90% of independent venues will close without additional federal funding.
NIVA acknowledges the indefinite shutdown caused by the pandemic and the fact music venues will be among the last businesses to reopen. With a shutdown likely extended into 2021, the association is asking Congress for loan forgiveness and tax credits related to ticket refunds, safe workplace initiatives, employee retention, and expansion of PPP to cover salary and benefits for part-time employees.