The ramifications of COVID-19 and the subsequent international impact were unimaginable. Everything came to a virtual stop as a result, even the massive $50 billion (£38 billion) worldwide music industry.
About 50% of the overall revenue in the global music industry came from live concerts, but these figures fell drastically after the epidemic. With the virus still very much prevalent, regular live music seems to be a long way away.
The industry has, nevertheless, been gradually responding to the crisis. Fans now rely on radio and internet media for their music fix. For our international artists, there may be some hope after all.
How Live Performances Have Adapted
Live performance is one area of the music business that has been forced to change. Although the vaccination programme has been in place for well over a year, there are currently no firm plans for the reintroduction of live music events. Some musicians have accepted this, and they are coming up with new strategies for collaborating on songs and entertaining their audiences.
Musicians are navigating the physical barriers imposed by COVID-19 by collaborating online for new releases.
Music streaming and sharing platforms are also altering the industry. These platforms are being used by musicians to share new releases, host online benefit performances, and raise money. As an illustration, Spotify just implemented a function that enables musicians to raise money through their profiles.
Other examples include:
Mixcloud: Mixcloud is the best platform for DJs looking to share fresh mixes with their fans. Artists are financially compensated when their music is included in mixes.
Bandcamp: Bandcamp allows musicians to directly sell their content to the audiences, and fans to purchase directly from their favorite artists.
SoundCloud Go: SoundCloud Go users can access close to 150 million tracks. The platform allows artists to monetize their content – artists are paid every time their music is streamed, or for every 1,000 times that it is viewed.
How the Pandemic Has Revolutionized the Way People Listen to Music
The pandemic has, in fact, completely changed how music listeners consume music. For instance, talk radio and drive-time pop music preferences have evolved in the US. Instead of listening to music in their cars like they usually do, more fans are using Alexa and Siri to find their favorite songs.
Additionally, remote working means that people now have more time for entertainment. Music Week reports that although listening habits have changed, there has been an increase in overall listening on streaming services like Deezer and Spotify. In the UK, BBC radio streaming increased by 18% in March, while Capital FM and LBC owner Global reported a 15% rise in internet radio listening.
In general, music platforms provided a lifeline to artists everywhere. Fans may now support their favorite musicians thanks to new platforms that are popping up. Nugs.net, BandsInTown, Bandzoogle, Memberful, StageIt, and Beatstars are a few examples. These platforms provide quick access to essential statistics for online performance as well as music sales tools.
Even though many artists have sizable and actively involved audiences, they still need to take the time to grasp their constantly shifting desires and behaviors.
Passionate fans are constantly anticipating new content and releases, and, in light of the dearth of live performances, artists can leverage this demand. The tri-fecta of creating in-demand content, using sophisticated marketing techniques, and providing an impeccable customer experience will help artists propel their sales and boost profitability.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also known for his weekly podcast “FULLSPEED,” where he converses with influential entrepreneurs from a range of industries. Additionally, he supports education through the “Eric Dalius Foundation,” which grants four scholarships to US students. Stay connected with Eric on Twitter, Facebook, LinkedIn,YouTube, Instagram, and Entrepreneur.com.