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Finland’s live events sector ‘on brink of collapse’

Around 2,300 companies in the event industry expect to shutter in the next six months, according to a study by Finland's live association

By IQ on 17 Feb 2021

Provinssi festival in Finland is promoted by Fullsteam Agency

Provinssi festival in Finland is promoted by Fullsteam Agency

image © Provinssi/Niko Peltoniemi

Up to 2,300 companies in Finland’s live sector expect to permanently close in the next six months if financial support isn’t quickly provided, according to a survey conducted last week by Event Industries Finland.

The association – which incorporates all major Finnish concert businesses, including Fullsteam Agency, Live Nation Finland, Warner Music Live and CTS Eventim’s Lippupiste – also found that almost 300 events are under immediate threat.

According to the association, there are around 3,200 companies involved in organising live events in Finland, with the total value of the industry estimated at €2.35 billion. The sector employs 20,000 full-time, and 175,000 temporary, workers.

The study found these have received approximately €85m in financial support, which counts for around 4.5% of the estimated €1.9bn financial loss the sector suffered during 2020.

According to Event Industries Finland (Tapahtumateollisuus), the latest event closure in the industry, which lasted more than two months, and the lack of an exit strategy “threaten the realisation of several major events this year and the future of the entire industry in Finland”.

“We are no longer talking about whether the companies in our industry will collapse, but about how large the damage is”

The association is now calling for a roadmap for Finland’s return to live music, as well as financial security for the event industry – namely a government-backed guarantee fund which would give organisers the ability to plan for the future.

“We understand that a timetable for lifting restrictions cannot be promised, but defining and publishing criteria is essential. The industry will not be able to function without a future perspective. We are no longer talking about whether the companies in our industry will collapse, but about how large and long-lasting damage we will have to repair,” says Kati Kuusisto, director of Event Industry Association.

“Event guarantee services would strengthen the courage and ability of companies in our industry to plan for the future. The decision on support must be obtained quickly and effective support must take into account the entire business network in the sector. Several European countries have already announced similar subsidies.

“Audiences are also waiting for the return of events, and the return of tickets already sold for events carried over from last summer to this year has been very low. The state should strengthen the possibilities for starting the event industry for several reasons,” Kuusisto emphasises.

Governments in Norway, the Netherlands, Germany, Switzerland and Austria have recently announced event cancellation funds.

Government-backed insurance funds will be explored at ILMC during Insurance: The Big Update.


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