The live music industry has received a boost with the announcement MPs will look into how UK festivals can survive in 2021.
Events have been wiped out this year due to the coronavirus pandemic - resulting in a 90% downturn in revenue.
Island MP Bob Seely has welcomed the announcement and says he hopes festivals can take place next year.
The Isle of Wight Festival has already announced a host of top acts for 2021, including Lionel Richie, Lewis Capaldi and Duran Duran.
Mr Seely said:
"The Isle of Wight is Britain’s festival island and the impact of COVID-19 on festivals and live events has been devastating.
"I have made the case several times to Ministers of the importance of events and festivals and I am delighted that this powerful select committee, which examines the work of the Department of Digital, Culture, Media and Sport, has agreed that we need an urgent investigation into what can be done to help festivals.
"I spoke to Julian Knight MP, Chair of the Committee, earlier this week about the importance of festivals and I have agreed to work with him and other MPs to press Government to ensure that festivals can begin to plan for next summer. This is likely to centre around the concept of Pool Reinsurance; additional insurance, which is then backed by Government.
"I want our festivals to be able to start planning for a new normal, secure in the knowledge that there is viable insurance should events have to be postponed for whatever reason.
"The Committee is inviting any interested parties to submit written evidence addressing the terms of reference that can also be found through this link: https://committees.parliament.uk/work/779/the-future-of-uk-music-festivals/
"Written evidence will be accepted until Wednesday, December 9. Please do submit your evidence directly to the committee on the link above and please also feel free to send your evidence to my office."
DCMS Committee Chair, Julian Knight MP, said:
"The collapse of the vibrant music festival sector this year is a real cause for concern. The majority of festivals have been cancelled with the money they generate down by 90% and real risks surrounding their future viability.
"We have so many legendary festivals that have given the UK a worldwide reputation – it would be devastating if they were unable to come back with a bang, or if smaller festivals that underpin the talent pipeline disappear entirely. We want to hear from festival staff as they face huge pressures, fans who’ve missed out, as well as musicians on the contribution that festivals make to our culture and economy.
"It’s crucial that support to enable music festivals to go ahead in 2021 and beyond is put in place. We’ll be assessing what’s been done so far and what more needs to be done to safeguard the future of festivals.”
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