Key Takeaways:
- As of 2023, the Covid-19 vaccination campaign in Canada has made significant progress, paving the way for a return to normalcy.
- The global concert industry, severely impacted by the pandemic, has started to recover by 2022 with innovative approaches to live events.
- The legal cannabis industry in Canada presents an opportunity for the live entertainment sector to capitalize on its potential.
- Incorporating cannabis into live entertainment can influence how artists create shows and how consumers experience them.
- Cannabis can unlock new revenue streams for the live entertainment industry, similar to alcohol.
- As Canada recovers from the impacts of Covid-19, incorporating cannabis into the live entertainment industry can help it recover financially and thrive creatively.
The live entertainment industry is poised for a triumphant return as we approach the summer of 2023. With Canada making significant progress in its Covid-19 vaccination campaign, there is renewed hope and a sense of normalcy on the horizon. As the industry charts its course back to success, it’s essential to explore innovative avenues that can contribute to its revival. One such opportunity lies in the integration of cannabis, an industry that has steadily gained momentum since its legalization in October 2018.
The Impact of the Covid-19 Pandemic on the Concert Industry
The Covid-19 pandemic dealt a severe blow to the global concert industry, resulting in substantial financial losses. According to Pollstar, ticket sales alone accounted for a staggering $9.7 billion loss in 2020. When factoring in sponsorships, concessions, merchandise, and other ancillary factors, the industry suffered an additional $30 billion blow. Nevertheless, there is a glimmer of hope as the industry shows signs of recovery, adapting to new safety measures and adopting innovative approaches to live events.
Cannabis Integration: A Catalyst for Recovery
The cannabis industry presents a unique opportunity to catalyze the recovery of the live entertainment sector. Despite its legalization in Canada, there remains a degree of hesitancy among consumers to fully embrace its potential. Recognizing the evolving music landscape, artists like Raine Maida, the frontman of Our Lady Peace, highlight the rapid transformation and people’s excitement to experience their favorite artists live. It is crucial for the industry to leverage this period of change and embrace the integration of legal cannabis.
Redefining Artistic Expression and Consumer Experience
Incorporating cannabis into live entertainment spaces can revolutionize how artists create and design their shows, while enhancing the overall consumer experience. By embracing cannabis, consumers gain new avenues to immerse themselves in the art they love. Artists, on the other hand, are presented with an opportunity for unparalleled artistic expression. As Maida articulates, “On a visual level, we’ve always thought of that anyway. Most artists would tell you that. It’s about escapism and a journey. This is a much better fit with many artists.” The inclusion of cannabis in venues enables artists to explore their craft in novel ways, providing audiences with extraordinary experiences.
Unlocking New Revenue Streams
The integration of cannabis into the live entertainment industry goes beyond creative enhancement. It can also unlock new revenue streams for both venues and artists. In the pursuit of financial recovery, venues can diversify their offerings by selling a variety of cannabis products, including cannabis beverages. Ian Kwechansky, CEO of LOOP/POOL, points out that “alcohol can be five times more expensive at a venue [yet it still sells]. Cannabis is an additional revenue stream that artists can accept or not.” Similar to alcohol, cannabis has the potential to enhance live entertainment experiences while generating income for venue owners and sponsors.
A Win-Win Decision for All
As Canada steadily recovers from the profound impacts of the Covid-19 pandemic, every sector must contemplate the path back to normalcy. For the live entertainment industry, embracing cannabis integration not only facilitates financial recovery but also nurtures creativity and innovation. The incorporation of cannabis into live entertainment is a decision that benefits everyone involved, from consumers seeking new experiences to artists exploring uncharted territories. By seizing this opportunity, the industry can thrive in the post-pandemic world, ushering in a new era of unparalleled entertainment and growth.
