NEW YORK (NYTIMES) - A quandary is lurking at the heart of the efforts to revive the economy.. Read more at straitstimes.com.
In recent decades, a growing share of job growth and gross domestic product has come from the business of getting people together - from college sports and music festivals like Coachella to ax-throwing bars and ice cream museums. Yet given the infectious nature of the coronavirus, these very events will be among the very last to return.
"Human contact is really what our business is built on," said Roland Swenson, chief executive of South by Southwest, the music, film and technology festival in Austin, Texas, which was cancelled in March."If that is lost, then the world will be a poorer place." When the record business faltered, concerts became the profit centers for musical acts. Many media companies found that hosting conferences was more profitable than publishing magazines. Lately, escape rooms and pop-up experiences like the Color Factory and Candytopia have proliferated.
As the domestic manufacturing industry waned, the businesses involved in bringing large groups of people together became ever more important to employment. Movie theatres, sports venues and the vast majority of tourist attractions remain closed, and many may not open for months. Governor Gavin Newsom of California suggested that fans might not be able to attend games in person until there is a vaccine, a breakthrough that isn't expected until next year at the earliest.
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