Yesterday (June 18), Live Nation announced its new concert and festival policy for 2021, which featured some intense changes to artist contracts. Exodus' Gary Holt has highlighted how the new guidelines can ultimately contribute to the demise of rock and metal.

The memo Live Nation sent out to talent agencies outlined several different new percentage agreements, including a 20 percent pay cut to artists across the board. Other elements included paying promoters larger-than-normal amounts for show cancelations and even a percentage of merchandise sales.

"So Live Nation has decided life has been hard on them," Holt wrote in a post on his Instagram, followed by several of the larger points outlined in the company's memo. "This could be the final nail in the rock and metal coffin. That lost 20 percent now comes out of a bands' merch, which they take a bigger cut of. Satan forbid you have to cancel a show due to illness. Swipe to see how much these people made last year and see if your heart bleeds for their lost revenue."

Anthrax's Scott Ian commented on the post, "And you know the A-list/festival headline acts won't take the cuts because without them there's no festival. The middle-class gets screwed." Holt then replied, "BINGO! Headliners will get paid, we get pissed on, and will be expected to say thank you for the piss stream."

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