An underachieving comedy festival in England and attempts by Facebook and YouTube to compete with the increasingly popular TikTok are among the factors that led revenue to plummet at the Just for Laughs festival parent company last year, a Quebec Superior Court filing suggests.
The company announced earlier this month that it would cancel its flagship Montreal comedy festival this year and seek protection from its creditors. It also cancelled Just for Laughs Toronto. A March 2023 comedy festival in London led to a loss of around $800,000 after ticket sales fell short of expectations. In response to sponsor dissatisfaction with the 2022 edition of Montreal Just for Laughs, Groupe Juste pour rire also knowingly staged the 2023 festival at a loss that would ultimately total around $2-million as it attempted to match the scale of the event before the COVID-19 pandemic, the trustee said.
The report said Groupe Juste pour rire was also dogged by several disadvantages. Bans on live events during the pandemic had a “serious negative impact,” the trustee explained. The company cited post-pandemic inflation and associated “unprecedented financial strains” earlier this month as other lasting challenges.
Source: News Formal (newsformal.com)
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