The British independent festival market is at risk of collapse without further Government support, according to figures from The Association of Independent Festivals. With 90% of U.K. festivals predicted to be cancelled this year as a result of the coronavirus crisis, independent events are facing potentially crippling costs and may not be able to return in 2021 and beyond.
Based on impact surveys, 92% of AIF festival organisers have said their firms are at risk without Government intervention, with the effects of COVID-19 likely to result in businesses shuttering under refund requests.
The festivals are facing potential refunds of up to £800m in total this summer, and average “sunk costs” of £375k that are not recoupable. More than 98% are not covered by insurance for cancellation related to COVID-19.
A recent member survey also revealed that the sector could be facing redundancies of 59% on average and will lose over half of its workforce between September 2020 and February 2021 without support.
U.K. CHARTS: SABRINA CARPENTER RULES SINGLES, TAYLOR SWIFT RECONQUERS ALBUMS
