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The fact that it's also been reported that grassroots venues are making no money, maybe a more accurate reporting stance would be after covid, and constant regulatory and taxation pressures, venues have just hit the figurative floor and are just barely surviving without shutting down entirely.
Regulatory and taxation pressures? Wouldn't it be mostly due to rising rent prices?
They've just increased alcohol taxes and high street business rates for pubs which would be amplified for particularly for venues - they necessitate a significant square footage to accommodate attendees, and they are only retaining about 12p per alcoholic drink sold. Therly are devaluing land this year for business rates as well which will increase charges even more.
That must be a mere fraction compared to just the sheer rent increases though