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With American jobs storming back as states continue to reopen following widespread lockdown measures stemming from the coronavirus (COVID-19) pandemic, artists and music industry professionals – who have been hit especially hard by the crisis – stand to gain.
It’s hardly a secret that COVID-19 has had a particularly devastating impact upon members of the music industry. Virtually all crowd-based events – including music festivals and concerts – have been postponed or canceled.
Plus, artists, engineers, and recording studios themselves suffered as a result of lockdown measures, and a host of indie record shops scrambled to make ends meet while lacking customers and income. To be sure, record stores are still struggling to stay afloat, but being able to welcome shoppers once again is a major step in the right direction.
More generally, recent economic trends bode well for the music industry; as the broader market returns to form, so too will the entertainment sphere.
The United States gained 2.5 million jobs in May as businesses resumed (somewhat) normal operations. The country’s 13.3 percent unemployment rate, while far from optimal, is decidedly less than the nearly 20 percent unemployment rate that many financial professionals forecasted.
On the novel coronavirus front, America’s new infection rate is largely holding steady despite states reopening their economies, an uptick in close interaction, and notably more tests being administered. Moreover, some of the nation’s hardest-hit locations are showing signs of improvement; Wednesday marked New York City’s first day without a COVID-19 death since March, when the pandemic picked up steam in America.
Finally, some experts believe that several hundred million doses of a novel coronavirus vaccine could become available by this year’s end.
In summary, these points are helping the formerly bustling music industry regain its footing. It’s impossible to say for certain when artists and professionals will enjoy the same career prospects and earning potential as they did prior to the COVID-19 pandemic’s debut, but undoubtedly, recent happenings have painted an encouraging picture of the future.