Nightlife and the recession

 The nightlife industry, like many others, has been hit hard by the ongoing recession. 

In the short term, the recession has meant that many nightclubs, bars, and other venues have been forced to close their doors. According to a survey by the Night Time Industries Association, around 60% of nightclubs in the UK alone had to close permanently since the pandemic began. In the US, the National Independent Venue Association estimated that 90% of independent venues were at risk of closing permanently. 

But as with any crisis, there's always an opportunity to be found.

The nightlife industry will have to adapt and evolve in order to survive. Many nightlife entrepreneurs pivoted to online platforms to reach customers. Virtual events such as online concerts and DJ sets became popular in 2020, and some nightclubs even started streaming their events online. As more people were staying at home and looking for ways to socialize, these online offerings provided a sense of connection and community. 

One of the most important things that the nightlife industry can do to survive is to focus on the customer experience. Nightclubs, bars, and other venues should be thinking about how to give customers the best possible experience, whether that's through virtual events, online offerings, or even outdoor spaces. You never know when this may happen again. They should also be thinking about how to create a sense of community and connection, which is more important than ever not only due to the difficult times but the rise of web3 and tech like the metaverse. 

It's also important to note that the industry should be thinking about the long-term, not just the short-term. Nightlife entrepreneurs should be focused on building a resilient and sustainable business model that can weather the storms of economic downturns and pandemics. This might mean diversifying revenue streams, cutting costs, or even rethinking the entire business model.

In conclusion, the nightlife industry was faced with difficult times as a result of the pandemic and followed by the recession. However, it's not all doom and gloom. By focusing on the customer experience, building a resilient and sustainable business model, and prioritizing their community, nightlife entrepreneurs can not only survive but also thrive in this new reality. As Gary Vee would say, "It's all about adapting and evolving in the face of change. And if you can do that, you'll come out on top."