In a memo obtained by Rolling Stone, Live Nation cites “unprecedented times” and “the exponential rise of certain costs” as reasons for adjusting payment policies
Our rather naive suggestion is that both artists and venues stop with Live Nation and go back to dealing with one another.. but then again what would we know !
Rolling Stone write..
The company told its talent partners that it plans to make an array of alterations for concerts and festivals held in 2021.
Most of the new policies shift financial burdens to artists: For example, the company wants to decrease the monetary guarantees promised to artists before an event by 20% across the board. Live Nation also says that if a concert is cancelled due to poor ticket sales, it will give artists 25% of the guarantee (as opposed to the 100% that promoters are currently expected to pay). Moreover, if an artist cancels a performance in breach of the agreement, the artist will pay the promoter two times the artist’s fee — a type of penalty that, as Billboard notes, is unheard of in the live music industry.
Full story… https://www.rollingstone.com/pro/news/live-nation-memo-pay-cuts-covid-1016989/
