WayneS wrote: Michael L John wrote:
I wonder if the virus was the cause of PASS's demise, or was it the final nail in the coffin?
I hope that it was just the first, but I fear it's the second.
This is public stuff I've talked about in the past, so no new info, but maybe all new in one place.
We had a balanced budget last year. In short, Summit made enough money to keep PASS going. We also had plans for Pass Pro finally in place (we'd been working on it for a while). We were going into 2020 with Summit in a new location that lots of people were excited about, Houston, and a new revenue stream we were going to build. Everything looked fantastic.
However, our principal income was Summit. 93%. And, what's more, that income doesn't arrive in September. It takes all year to arrive. As soon as the lockdowns hit, revenue went to ZERO. For weeks, no one registered.
During that period, we scrambled. First, we got out of our commitments to Houston, because if we had to pay off the venue and the hotels there because of a cancellation, the organization would have been out of business in the spring. Then, we had to get a source of revenue, immediately. Virtual Summit was born. It made money (as in more money came in than it cost to put on), but not enough. We also launched Pass Pro, a little sooner than we had planned, but it was part of our attempt to keep things going. It didn't make enough either.
It was Covid. The lockdowns. The fact that we were still dependent on an in-person event for fund raising. While we knew we needed to diversify, and were doing it, we weren't done. We had no idea, nor did anyone else, that all travel would be banned across most of the globe. If we had known, sure, we would have done other stuff.
For what it's worth, my local radio club has always counted on an in-person event for fund raising. Can't happen and we're looking at the club going out of business.
Cancelling the world has repercussions.