A memo to agents outlines sweeping changes that dramatically shift the balance of power back to promoters in the post-pandemic world.
The COVID-19 crisis has grounded the live music business to a halt, slowing the momentum of a rising new generation of headliners and costing leading concert promoter Live Nation billions in losses.
But the pandemic has also created a rare opportunity for the company to push through long-term changes to how it compensates artists who play festivals like Lollapalooza, Austin City Limits and Bottle Rock. “We are in unprecedented times and must adequately account for the shift in market demand,” an unnamed company officials said in a memo sent to talent agencies last week.