Surrendering to pressure from several music acts and an ad-hoc movement, Barclays has suspended its sponsorship of all 2024 music festivals organized by Live Nation in the UK.
The festivals now without Barclays backing include such popular events such as Download, Latitude, and the Isle of Wight Festival, according to Business Matters.
Barclay’s decision was made after several artists complained about the financial firm’s investment ties with arms companies that trade with Israel.
Country artist CMAT, metal band Ithaca, and comedian Joanne McNally pulled out of their planned performances this summer.
Barclays signed a five-year sponsorship deal with Live Nation in 2023, but Business Matters reported the 2024 suspension does not cover the full duration of the contract.
A Barclays boycott by more than 100 artists took place at Brighton’s Great Escape Festival in May. Barclays was accused of increasing its investments in arms companies involved with Israel.
A Barclays spokesperson confirmed the suspension to Business Matters and assured that customers with festival tickets would not be affected.
“Barclays was asked and has agreed to suspend participation in the remaining Live Nation festivals in 2024.” The bank reiterated its commitment to the defense sector as essential for national and ally security, and said there had been staff intimidation and vandalism issues.
Several bands, including Pest Control, Speed, Scowl, Zulu, and Ithaca, withdrew from this weekend’s Download festival. Pest Control highlighted their refusal to sacrifice their principles for personal gain, while Ithaca called for festival organizers to consider more carefully who they accept funding from.
The protest group Bands Boycott Barclays also celebrated the suspension, thanking artists for using their platforms to condemn Barclays.