Why Streaming Concerts Can Save the Music Industry
The music industry was hard struck by COVID-19 as were many other industries. Being forced by the Government to shut down is not something any American could have seen coming, but it’s something that all American’s and people in various other corners of the world have endured in recent times. As a result, with live events halted and tours postponed, the music industry teeters on the brink of disaster if something big doesn’t change. But streaming concerts can save the music industry! We’re reviewing several reasons why streaming concerts can save the music industry.
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Although a year ago, nobody ever would have said “streaming concerts is the answer to music entertainment.”
Today, as we near the Fall of 2020, the music industry continues to adapt and seek new ways of providing the entertainment and enjoyment that fans crave in ways that are “socially acceptable” and viable for both their bottom line and for the health and wellness of others.
Live streaming has provided an opportunity for entertainers in the music industry to recuperate some of their lost tour revenue, engage fans that were hardstruck and deeply craving industry attention, and, most importantly – weather the COVID-19 storm.
Recorded Music Revenue Declines
In recent years recorded music revenue (that’s revenue from CDs, Digital Downloads, and streaming music formats) was down significantly.
The rise in these formats of music was in the late 1990s and into the 2000s when as much as $45B in annual income was generated for entertainers in the music industry with this type of content.
While 2019 saw a significant decrease in CD music sales and in digital downloads, it would have appeared the streaming music and other formats of content were on the rise.
In fact, streaming at that time (when concerts were still very much allowed) accounted for 80% of revenues in the music industry.
Live Streaming Concerts to Salvage Revenue
The concert industry is estimated to lose as much as $9B in the U.S. as a result of COVID-19 quarantines. In an already struggling industry, that could devastate music and drastically change the way the industry appears for the foreseeable future.
But live streaming concerts to salvage revenue for these businesses and brands is an option — and good one! In fact, this is one of several reasons why streaming concerts can save the music industry.
Streaming platforms allow music industry entertainers to monetize concerts, accept tips, and generate income from live streams.
Streaming concerts, in a world where concerts have otherwise been cancelled in a very widespread manner, is an opportunity for the music industry to recuperate lost revenue by delivering fans concerts, engaging entertainment, and the music they crave.
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Increased Subscriptions & Social Engagement
Virtual concerts that are live streamed represent a way for music artists to increase subscriptions to their music and generate ongoing income despite otherwise lost revenues.
In fact, the music industry is expected to benefit greatly from live streaming concert series and this is surely why streaming concerts can save the music industry and what will save the music industry from demise.
Smart artists will take what they learn from this crisis and rise up to the challenge of delivering exceptionally engaging experiences to the new generation that doesn’t want to purchase a CD or digital download and, instead, wants to stream concerts and other forms of entertainment online.
