Finland's live events industry is facing major closure concerns

A recent survey conducted by Event Industries Finland has led to major concerns relating to the permanent closure of the country’s live events sector. Financial support provision has moved up the scale of significant requirements, with up to 2,300 companies in Finland’s live sector being expected to be out of business within a six-month timeframe. Moreover, almost 300 events have been found to be under immediate threat, further highlighting the immediate pressure faced by the industry.

Finland’s Event Industry Association – formed by all major Finnish concert businesses, including Fullsteam Agency, Live Nation Finland, Warner Music Live and CTS Eventim’s Lippupiste – have urged the need of “effective support solutions for the event industry and the creation of an exit perspective for society.”

This follows the significant figures relating to Finland’s events industry; with around 3,200 companies involved in the organisation of live events, taking the total value estimation of the sector to €2.35 billion. In addition, the industry is also responsible for the creation of 20,000 full-time, and 175,000 temporary jobs. Further findings of the study have showcased that the €85 million provided to the industry as financial support only adds up to around 4.5% of the estimated €1.9 billion financial loss faced by the sector last year.

Kati Kuusisto, director of Event Industry Association, has warned that;

“We are no longer talking about whether the companies in our industry will collapse, but about how large and long-lasting damage we will have to repair.”

Thus, the association “emphasises the urgency of the measures”, and at the same time calls for a government-backed guaranteed fund which would allow organisers to plan for the future. Such funds have already been announced in several European countries, with Kuusisto highlighting that “the decision on support must be obtained quickly and effective support must take into account the entire business network in the sector.”

Photo by A. L. on Unsplash