In March, the Coachella Valley Music and Arts Festival was postponed until October due to the COVID-19 pandemic. However, due to lingering risks of the virus and the dwindling economy, the festival is expected to be cancelled this year.
In the midst of the pandemic, the festival and music industry is experiencing a financial hit. Major concert promoter AEG was forced to lay off 15% of its staffers, furloughed more than 100 people and issued pay cuts. In an internal memo obtained by Billboard, AEG CEO Dan Beckerman shared:
"When we are able to reopen, it will take time until we see our fans, partners and sponsors fully return."
The statement insinuating that even if the festival does return next year, it will be modified to a far lesser scale event in April, with hopes to bring back the festival in full capacity in October 2021.
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