The founders of Sydney’s Venue 505 have announced they won’t be renewing their lease at the Old 505 Theatre, saying that the future of live music venues hangs in the balance with the Federal government’s JobKeeper subsidy due to wind up at the end of the month.

Sandy Evans at 505 Sandy Evans, Steve Elphick and Satsuki Odamura performing at Venue 505. Photo © Shane Rozario

“After 16 years, and the craziest year imaginable we have decided to not renew our lease at 5 Eliza Street,” said founders Kerri Glasscock and Cameron Undy in a statement. “The impacts our sector has endured over the past twelve months as a result of the pandemic has been unimaginable and the future of all our beloved live music venues hangs in the balance with the impending end to JobKeeper, and no Government support forthcoming.”

“As such we have decided that it is simply untenable for us to continue to be the primary funders of a bricks and mortar premises, or piece of cultural infrastructure no matter how treasured it is to our community,”...