Independent Venues are in trouble
A survey by NYIVA of close to 50% of NYC independent venues and comedy clubs reveals the dire state of NYC’s live music scene
• Respondents needed an average of $350,000 to make it through the next six months with almost no likelihood of meaningful revenue during this period. Based on responses, all of NYC independent venues need approximately $40M to survive the next six months.
• 82% of venues have not been able to negotiate rent relief from their landlords and of those that have, most have negotiated rent deferrals, not reductions.
• The eviction moratorium is due to expire on 9/20 and landlord will be able to demand an average of $200,000 from respondents on that day, for a total of more than $5.2M.
• 98% of respondents rent their venues
• Nearly half of respondents have tried to generate revenue through fundraising campaigns and streaming and merchandise sales, but both efforts led to minimal results. On average, respondents raised approximately $15,000 through fundraising campaigns and $2,300 from streaming/merchandise sales.
• Respondents owe the city/state a total of $400,000 in outstanding fees and taxes for the period when they have been required to shutter