An increasing number of live events are being cancelled or postponed across the US as Hurricane Sandy nears the East Coast.
Billboard has reported that multiple Northeast concerts have already been called off with the hurricane in mind, along with live music events in New Jersey, Boston, Philadelphia and Washington DC.
Speaking to Billboard, president of AEG Live Randy Phillips outlined the significance of Sandy’s potential impact on his business.
"It will have an impact on our budgets and earnings,” he said. “If even in the short term, since we average a couple of hundred shows a week in those markets that have had to hunker down while the storm passes through."
President of Dallas-based entertainment insurance firm Doodson Insurance Brokerage Paul Bassman said that “everyone’s going to take a hit.”
“Nothing’s really happened yet, but in New York City alone, if the subways are shut down, you can’t have shows.
"If you're doing a show at Madison Square Garden and you're going to walk off with a million-dollar profit, you're not getting that profit," Bassman gave as an example although MSG has no concerts scheduled for this week.
"You can reschedule, but the show's not going to happen until later, and the rescheduled date is one you can't play somewhere else now."
Bassman also warned that not all venues have insurance policies that cover loss of revenue due to weather cancellation.
AEG Live, Live Nation and the Bowery Presents - all of which promote concerts in the Northeast -- have already announced the cancellation or postponements of numerous concerts in the coming days, according to Billboard.
Shows impacted on Oct. 30, include: Tristan Prettyman (Brighton Music Hall, Boston); Joshua Radin (Electric Factory, Philadelphia); Seth Glier (City Winery, New York); Journey (Barclays Center); Grouplove (9:30 Club, Washington, D.C.); Pretty Light (Bryce Jordan Center,University Park, Pa.); "Freedom To Love Now!" benefit concert (Beacon Theatre, New York); and Sean Hayes (Le Poisson Rouge, New York).