Coronavirus: Australian music industry suffers $47M loss in 48 hours after mass event cancellations

20,000 music events were cancelled and 190,000 jobs were terminated in just two days

UPDATED MAR 20, 2020

Things are looking pretty bleak for the island continent of Australia. After barely limping back to normalcy following the horrendous bushfires that had threatened the country's livelihood that relies on tourism and entertainment, Australia's music industry now faces a crippling financial loss. The estimated loss stands at a whopping 47M AUD in just 48 hours.

The deadly coronavirus, also known as Covid-19, has wreaked havoc with plans of the Australian entertainment sector. The federal government of Australia had previously advised that all non-essential gatherings of more than 500 people should be avoided in order to curtail the spread of the virus. That meant that numerous outdoor shows such as sporting events, music festivals and even small concerts had to be shelved.

Katy Perry performs during the ICC Women's T20 Cricket World Cup Final between India and Australia at the Melbourne Cricket Ground on March 8, 2020, in Melbourne, Australia (Getty Images)

The state Health Minister of New South Wales, Brad Hazzard, cited the Public Health Act of 2010 in order to force the immediate cancellation of public events with more than 500 people. Individuals who did not cooperate with this ruling would face six months imprisonment or a fine of up to 11,000 AUD, with even harsher penalties set in place for defaulting corporations, the minister said.

Thanks to this, Australia is now reeling under the weight of unprecedented losses to its badly-hit economy. A readily-formed music industry group called I Lost My Gig Australia promptly set up a self-reporting website, which received real-time inputs from the Australian Music Industry Network and Australian Festivals Association over the weekend.

According to the shocking statistics since the website went live on March 14, the total reported loss of income is $47M AUD (approximately $30M US), with over 190,000 jobs lost, thanks to 20,000 events being canceled. On March 14 alone, the industry group recorded over $25M AUD in lost income from 10,468 canceled events, as well as 84,000 lost jobs.

A woman in a mask is seen on front of a wedding shoot session at The Rocks on January 29, 2020, in Sydney, Australia (Getty Images)

A spokesperson for I Lost My Gig Australia, Emily Collins said, "Many people were not prepared for this at all," referring to the coronavirus pandemic. She went on to state, "We know it’s going to be pretty tough for people in the creative industries... artistes, publicists, caterers, production crew, lighting designers, artiste managers, tour managers, venue operators, front of house staff."

The future continues to look rather bleak for the island nation's entertainment industry. "With no current income, and no sign of when we'll all be able to start rebuilding things, there's very little certainty for people who have had their work canceled," Collins said.

To look at the numbers in Australia yourself, or to pledge support to the struggling industry professionals, you can click here.