Stagecoach and Coachella are delayed. What does that mean for the entertainment economy?

As more people stay home to protect themselves from coronavirus, they’re spending less money, and that could continue to hurt global and local economies. Companies are canceling or postponing conferences and events.

This afternoon, concert promoters Goldenvoice announced that Coachella and Stagecoach music festivals are now pushed to October. The two spring festivals, both originally set for April, generate more than $1 billion and attract hundreds of thousands of people to the desert annually.

We look at what this means for the music industry and Southern California, plus the larger economic fallout and federal government’s response. President Trump has proposed a payroll tax cut to help alleviate the stress people are feeling. How effective would this be?