GOING VIRAL: COVID-19 AND THE BIZ
Can the music business temporarily pivot and find ways to replace touring revenue amid the coronavirus era? Self-quarantining fans still need to be entertained, after all. Live streaming has been growing over the last few years and is well on its way towards achieving critical mass. It would logically follow that live streaming platforms such as Twitch, YouNow and YouTube stand to see a significant uptick during the coronapocalypse.
Live streaming can be a gateway to revenue opportunities beyond the performance itself. Twitch, for example, offers a high degree of customization that allows artists to create multiple revenue streams. Tiered fan subscriptions, merchandise, limited artist offerings, affiliate marketing, brand integration, product placements, advertising and social-media integration can all be seamlessly combined in a single live streaming broadcast. The heightened engagement with fans, of course, is of incalculable value.
Live streaming also scales exceptionally well. For example, fan access to a live stream is not constrained by venue capacity. Much of the overhead associated with touring, meanwhile, is either eliminated or seriously reduced.
Will these and other tools enable artists, managers, agents and their teams to make a little lemonade from the lemons handed them by the current crisis? Stay tuned.
