Euphonik’s advice to industry colleagues: 'Go tell the bank yourself that your gigs have been cancelled'

As news broke out earlier this week that gigs and concerts were either being cancelled or postponed due to the coronavirus outbreak, musical maestro and businessman DJ Euphonik dropped some financial gems that his colleagues can follow during this “testing” time.

While many musicians have been vocal about the financial knock they were going to experience now that their gigs were being called off, Euphonik suggested that they open a dialogue with their bank on their financial status. 

“I hope you're happy and healthy there at home and keeping safe. I just want to give my thoughts and opinions to all the musicians, artists and DJs out here.

“What I would suggest that you guys do is to take the onus upon yourself and speak to the banker, financial institutions, anyone and everyone that you owe money to and make arrangements now.”

The DJ explained that it was better for artists to be frank and direct about their situation instead of leaving the matter unattended.

“You need to tell them that, 'hey man, listen I'm in the industry of selling time which is what we do because of my industry, all my shows, all my gigs have been cancelled'. They all know what's going on, they've all seen what's happening in the banks and institutions.” 

Euphonik said this would allow them to negotiate a better plan and payments terms.

“So, rather go speak to them upfront and make arrangements for them to give you a payment holiday, make sure that the payment holiday is penalty free, cost free and it lasts for about three to six months.”  

Giving an example of what he meant regarding the holiday, Euphonik said that if the artists owed about ten months of a certain amount, they needed to ask for an additional three-to six months on the period, as no-one knew how long the virus outbreak was going to last.

“And, remember, if one of us defaults it's our problem, but if a lot of us are defaulting it's the bank's problem. So, rather make arrangements with your bank so that it doesn't affect your credit score and your credit ratings after this corona thing has ended.”

Euphonik concluded the video by saying that even the smartest economist in the country did not know what was going to happen, or how long the outbreak would last.

“Make sure to look after yourself and be proactive with your finances and also cut down on every single expense that is unnecessary.”