Will Live Events ever be the same?

Thea Jeanes-Cochrane (second from left) and Tony Cochrane (second from right) with past clients The Rolling Stones.

Gwen Luscombe talks with entertainment entrepreneur, Thea Jeanes-Cochrane on what the entertainment and events industry can expect in the post-Coronavirus environment

From the AFL season to Formula1, Dark Mofo, Coachella and more, mass cancellations of public events across the globe due to the Coronavirus pandemic have left a significant dent in the already struggling events and arts industry. Industry expert and Director at Cochrane Entertainment, Thea JeanesCochrane discusses the help the arts and entertainment industry needs at this time, what the ‘new normal’ will be for events and more.

It’s an industry used to funding woes and while the arts are often on the chopping block for more and more cuts, what does it mean for those venues, theatres, arenas and thousands of suppliers that the industry supports?

Thea Jeanes-Cochrane has witnessed the industry undergo its ups and downs over a career spanning 25 years. From starting in sports marketing in the 1990s looking after clients such as IndyCar to working on extraordinary exhibitions with The Rolling Stones, Real Madrid Football Club and The Nelson Mandela Foundation, she currently sits on the board of Gold Coast cultural precinct HOTA and Motorsport Australia and was instrumental in the bidding for the Glasgow Games, Arafura Games, and the 2018 Commonwealth Games. The Impact Jeanes-Cochrane says that just as the event of 9/11 impacted the globe and reshaped our collective way of life, predominantly in the way we travel, so too will this pandemic change the industry in ways we likely haven’t considered and may not even had a glimpse of yet.

She explains “no one is holding the magic crystal ball. When we talk about the arts and events industries we capture all aspects of the business from independent content creators and government funded organisations, to venues, promoters, managers, caterers, publicist, event staff, road crew and more.

“All of whom have been hit with a wrecking ball of varying degrees as consumption via live attendances has been iced. Depending on how you function within the industry equation, the impact of COVID-19 and the responses or reactions will have been different as we try and find new opportunities for the future.

“I think as a whole our industry has fought back admirably in terms of banding together with great Aussie spirit, quickly moving to online/virtual performances and exhibitions, and accelerating alternate income streams, like streaming revenues, merchandise, and more recently drive in live performances.

“But none of these sources of income could even vaguely fill the void of our traditional business model relying on ‘live’, audience attended events bringing with them ticket revenues, F&B, merchandise, corporate hospitality, travel packages, interstate visitation and premium experiences. Our industry, with the support and leadership of organisations such as Live Performance Australia, has fought hard for Government support, but it will only scratch the surface of the financial void–let alone the emotional chasm.”

Jeanes-Cochrane advises that it’s also important to note the hard work of organisations such as Support Act, an Australian charity offering relief services and support to musicians, crew and artists. They, along with other organisations have banded together, providing a much-needed industry boost.

She adds “the impact of lost opportunity is immeasurable, but we have to keep moving forward and navigating under this new landscape. I believe the impacts of COVID-19 will be with the industry for some time. For example, international acts won’t be down under anytime soon, and for large parts of an industry whose business modelling has relied heavily on International guest talent and major internal tours, this will make a major dent in revenues rippling far and wide across the industry.”

She says more than ever, we need to think about ‘home grown’ Australian talents to keep the industry alive. The Ripple Effect As the planning for large scale events and festivals often begins several months and (depending on the event) years in advance, many events are finding themselves unable to sell sponsorship or corporate hospitality packages when quite frankly, organisers just don’t know what the landscape will look like and what, if any restrictions might still be in place.

Jeanes-Cochrane explains “even when I think about a world opening back up with a vaccine in hand, I can foresee that this pandemic will have left a permanent scar on the arts and entertainment sector, forever influencing our event planning, content creation and financing.

“We will see some of our freedoms vaporised, at least in the short to mid-term. I think we will be adding additional costly ‘safety measures’ to already existing screening measures, things like temperature checking and perhaps even medical passport checks. Coronavirus could be the first of many new pandemic shake downs.

“I think possibly everything about our industry that involves a live attendance will be more highly governed, and this will impact the economic efficiencies of the arts and entertainment sector, aside from perhaps the screen industry.”

Jeanes-Cochrane fears that the financial impact and ripple effect of COVID-19 on the industry will be felt over a three to five-year period and that the recovery will be gradual and in stages, as it will rely firstly on the easing of government restrictions and the economy as a whole to recover. Not just in general terms, but in arts sponsorships and corporate support, alongside consumer confidence to travel and attend events, concerts, festivals and exhibitions.

Moving forward, for at least the next few years, JeanesCochrane sees that ‘the pie’ will be smaller, and the risk will be greater, going on to note “that’s true for most facets of the creative industry.

“The economic fallout will be long felt in my opinion. We will no longer think about planning for a rainy day, rather a once in 10-year tsunami.” The Future What does this mean for the future of events? Is it as bleak as it feels? Is it possible to ‘future proof’ the industry to be better prepared for future crises?

While it’s impossible to predict and thoroughly plan for the impact of a pandemic like this, she says any talk of completely ‘future proofing’ the industry as a whole isn’t realistic.

Jeanes-Cochrane states “there are so many cogs playing different roles in this industry machine. However, I do foresee that as a whole, forecasting will need to be more conservative and reliant on domestic modelling in the short term. In terms of ‘future proofing’, well like most businesses’ cash flow is king.

“Industry players, big and small will need to carefully analyse future cash flows to have confidence they can weather the storm for future events such as a further set back with a potential new wave of this pandemic. Content creators will want to have fully fleshed out digital strategies and a bank of content to monetise, thinking laterally about future revenue streams.”

During this pandemic, Australia saw a surge in live streamed musical performances and events with everything from the Melbourne Symphony Orchestra performing live to the success of Powderfinger’s ‘One Night Lonely’ reunion concert fundraiser that saw nearly 100,000 people jump online for the half hour gig supporting mental health organisation Beyond Blue as well as Support Act.

Jeanes-Cochrane says the staging of these live streamed ‘virtual events’ have become a great by-product of this pandemic for two major reasons. They provide a much-needed human connection, and they’ve kept live performances and content creators top of mind.

Jeanes-Cochrane comments “it’s not a totally new idea, but its prevalence has boomed. And I think it is here to stay for a while as the world slowly re-opens. What we might see going forward is a hybrid model of live performance and live stream where the live stream is able to be appropriately monetised. That, in part, exists now where we have pay per view models and to a degree concert DVD’s, but a hybrid event where the artist engages live with an in venue crowd, as well as an ‘at home’ audience via streaming services could evolve more highly, especially if international travel becomes burdened with quarantine restrictions.” Full STEAM Ahead And while we all look for solutions and ways to best support the industry, it seems the sense of community within the arts and entertainment industry will play a vital role as well as the focus on arts as a priority moving forward.

Jeanes-Cochrane concludes “the industry is naturally bound together as a family, all for one and one for all.

“And we all have a part to play in its overall success. Everybody will have to ‘take a hit’ on the post-COVID road to recovery (and while) the pie will be smaller, we all need to make sure there is enough to go around.

“The industry as a whole however, led by our representative organisations will need to keep pushing hard to put the A into the STEM narrative. By this I mean, there is so much emphasis on the importance of a ‘STEM skillset’, from schools to the board room, but it’s totally missing the arts.

“We need to ensure that STEAM is the buzz word.” Freelance tourism, events and food writer, Gwen Luscombe is Director of the Ideas Library and a former Editor of Spice magazine. The interview was conducted at the end of May 2020.