Covid – 19 & the live music industry
Music events and festivals have always been a very major part of the entertainment industry as a whole, and they make up for a larger amount of the industry’s revenue. The streaming revenue is predicted to grow to $23 billion by 2022 whilst the live music industry would grow to $31 billion in the same year.
Live music is a very important aspect of an artistes career, not only does it give them physical representation, it contributes to their development and fan base. It can also take place in local places like bars and clubs, to multi national or even tours to international settings like the Glastonbury Fest. In order for events/live music to be successful, artistes liase with other key individuals in the industry like: booking agents, artiste managers, venue operators, show promoters etc.
Covid – 19 effectively crippled the world under such short notice, leading to a lot of events getting cancelled or even being postponed to variable times. The Virus’s unfortunate effects had hit the Achilles Heel of of the Music Industry, and many are wondering, how artistes are working through this situation ?. Digital Streams have now become the most viable revenue source, but even this, only favours artistes who have a large consumer base.
Technology and the emergence of new & social media platforms, has seen to it that music changes from form to form and we have always found ways to accept them as they come along. Platforms like triller and tik tok, have taken advantage, whilst giving the industry its fair share of attention. They have been satisfying a wide consumer base, who in turn have access to a variety of new music, reducing isolation boredom and sparking their crave for a creative output.
Platforms like Instagram and You Tube, didn’t fall too far from the Apple, as their ‘Live’ feature, presented itself in a new relevance. Artists, DJ’s and even media brands began to exploit these live features for online performances, giving some relevance to the live music industry. The only set backs being, lack of monetisation, the constant lack of coordination, direct social interactions and a dependent relationship on a very good internet connection.
Innovative Platforms like Whalebone, solve the monetisation problem, as fans are able to buy virtual coins, to pay for the live online shows and to credit the acts even during the performances.
Platforms like these should begin to recognised and utilised, seeing as pandemics are unpredictable, it would be a good idea for the music industry and music consumers to adopt these new systems. Potentially they could lead to become big sources of revenue streams as the world is getting more and more digital.