David Crosby has opened up about the "severe financial trouble" he will face if the coronavirus pandemic cancels his summer tour.
Given major festival closures to two giants of the concert industry shutting down temporarily, it's likely that more tours will continue to face cancellation, albums will be postponed, and artists will focus their efforts on figuring out how to float this particular period of pandemic.
Crosby shared his fears with GQ, revealing he's "sitting here waiting for them to cancel all my tour this summer and put me in deep financial trouble...you know they don't pay us for records anymore, right? So touring is all we got. That's really the only thing that we can do to make any money. And to lose it is just awful"
Detailing the grave financial repercussions he may face, Crosby said, "I may - honest to God- I may lose my home. Truthfully, if I lose the tours, I probably will lose my home."
He noted that most cancellations are up to April and remains uncertain whether May will fall under the suspension list, as "they haven't talked about May yet, which is when [he is] slated to go."
As the coronavirus continues to pause the live sector of the music industry, fans will inevitably turn to streaming for their music needs. Unfortunately, as Crosby explains, the upswing in streaming will fail to account for the massive loss in revenue from concert cancellations and postponements.
"Streaming doesn't pay," Crosby contested. "It's like you did your gig for a month and they gave you a nickel. That's how it is. The streaming doesn't pay us any money. So live is all we got. That's it; that's the only thing I get. And if I lose live, then I lose it all. I will lose my home, because I don't have any savings. And that's it. That's what I'm dealing with."
It remains to be seen if there will be a true fix to this global situation. The longtime musician admitted buying merchandise "[won't] replace [losing] half [his] income," but it will help.