A new report from Bloomberg states that Coachella organizers Goldenvoice have been asking this year’s performers to play next year, due to the ongoing COVID-19 pandemic. The report also claims that this move may have the potential to minimize its losses by persuading its fans to roll over their tickets until 2021, although it also reports that not every performer has been asked to play next year.
“We believe 2021 can return to show volume and fan attendance at levels consistent with what we’ve seen in recent years,” CEO Michael Rapino reportedly said on a call with analysts on May 7.
Coachella was originally postponed until this fall due to the COVID-19 pandemic, and is scheduled to take place in October, alongside its sister festival Stagecoach, which was also rescheduled from its original April date. This year’s festival is set to feature Frank Ocean, Rage Against The Machine and Travis Scott as headliners, with additional appearances by Caribou, FKA Twigs, Thom Yorke, Lana Del Rey, Run The Jewels, King Gizzard & The Lizard Wizard, Charli XCX, Big Sean and Fatboy Slim.
Goldenvoice is a subsidiary of the Anschutz Entertainment Group (AEG) a massive live entertainment company, which owns multiple sport stadiums and entertainment venues around the country. The company, along with 16 other entertainment companies, including Live Nation and The Broadway League, recently requested for an expansion of the payment protection act, due to the COVID-19 pandemic.
Bloomberg reports that the Coachella Music Festival brings in a total of $100 million in revenue for the company, meaning that its cancellation can cause a huge financial setback for the company. The live entertainment industry is projected to face a loss of $10 to $12 billion this summer, which can potentially double if live events are postponed until next year.
Rage Against The Machine have been forced to reschedule their summer tour for 2021 as well due to the COVID-19 pandemic, and will be offering refunds to fans who had their dates cancelled. Ocean released his first new solo single in several years titled “DHL” last fall.