Global music giant Live Nation recently revealed it expects losses for the first nine months of 2020 at more than £5 billion.
A report released this week by industry body UK Music revealed fans spent a record £1.5 billion in the capital last year. But huge gigs came to a halt on March 22 when coronavirus caused venues to go into a lockdown that is likely to carry on until mass vaccination is carried out during 2021.
The group is urging the Government to recognise the importance of the sector for getting the economy swinging again.