New boom and new risks in live concerts and festivals – Seguros News

After the end of closures and restrictions, those responsible for concerts and festivals expect a new boom. “We are currently seeing a huge demand for live events,” reports Michael Furtschegger, global head of entertainment Allianz Global Corporate & Specialty (AGCS), “Fan hunger for live events is high and the biggest promoters are seeing record numbers.”

New circumstances, new risks

The entity warns that such a positive European summer season is cause for optimism, but the risk outlook for live entertainment also raises new challenges for event organizers: The entertainment sector is facing staff shortages. According to a survey by the Professional Light And Sound Organization (PLASA), almost 70% of companies surveyed at the end of 2021 reported a shortage of skilled workers. Engineers, technicians and high-level workers in scenic technology were the most sought after. “Staff shortages can become an especially serious problem when it comes to security personnel,” says Furtschegger. “In some cases, it can mean that the authorities do not allow an event to take place. For other safety-critical tasks, organizers must ensure that vendors and contractors are properly screened to ensure the event runs professionally. »

In addition to staff shortages, the resource limitation could also become a problem for the industry. “As more concerts take place and productions run in parallel, the demand for touring equipment is increasing, often rented from companies with limited resources. At best, this requires extensive equipment purchase planning.” “The same goes for repairs and spare parts. The global shortage of semiconductors has eased for now, but if there are shortages of other components, or if restrictions are imposed on the entry and exit of goods from ports due to closures or the war in Ukraine, organizers will have to accept deadlines longer delivery times and plan for more contingencies. This also lengthens planning times.

Furthermore, GATS indicates that the many new festivals that are currently emerging require a new risk assessment: «The industry is innovative in recent years we have seen successful events in new venues such as the old Tempelhof airport in Berlin, which has been given new uses for live events. The organizers of established festivals like Coachella in the United States, Tomorrowland in Belgium or Rock in Rio in Brazil will be relatively familiar with the risks of their venues; new and untested enclosures, however, require a different risk assessment,” says Furtschegger.

Despite some of these challenges, the entertainment industry is optimistic about the future: “I am confident that the live entertainment industry will continue to flourish as it has this summer. I believe their ingenuity, creativity and energy will lead them into a bright future.”

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New boom and new risks in live concerts and festivals – Seguros News