Late last fall, Kanye West cancelled the balance of his tour dates from mid-November through New Year's Eve, citing exhaustion. For promoters, ticket agents, venues and anyone else involved with the tour, the cancellation meant a major drop in revenue.
Concerts are very big business these days and cancelling a single event can cost a venue millions. Cancel all or even part of a concert series, and you're talking significant losses.
According to Forbes magazine, Bruce Springsteen brought in more than $171 million in ticket sales for The River Tour within the first six months of 2016. Beyoncé and her Formation World Tour amassed $137 million in the same period.
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
