General atmosphere seen on day one of Lollapalooza at Grant Park on Aug. 2, 2018 in Chicago.
“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. Now Live Nation is aiming to renegotiate the terms for thousands of shows postponed to 2021, including more than 100 festivals around the world.
This type of cancellation penalty is unprecedented in live music and would make the concert business far less risky for promoters, potentially creating a more level balance of power between promoters and talent. One independent promoter who has seen the memo tellsartists currently face virtually no consequences if they cancel a headline slot at a festival, regardless of the long-term effects such a last minute cancellation can have on a a festival brand.
Several agents who have seen both memos say they view the new contract points as a starting point for discussions for booking 2021, but understand all stakeholders should at least expect a reduction in fees. The list of changes includes a provision that would remove artists from a promoter’s event cancellation insurance policy, which are skyrocketing in cost. To lower premiums, Live Nation would require artists to purchase their own cancellation policies and file their own claims, instead of expecting payment from the promoter’s policy.
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