Universal, Sony, and Warner face deleterious effects from COVID not only on their physical record sales and merch, but also on their share of touring ticket sales, plus a reduction in performance licensing income — in particular, money collected from bars, restaurants and retailers whenever they play records within their premises. In addition, all three majors own large-scale music publishing companies, who cannot collect their usual percentage of ticket sales for every live concert at which their catalogs are performed.
Source: What Kind of Year Will It Be for the Record Business? The Forecasts Are Getting Worse, Not Better