Live streaming became the hottest trend in the music industry due to Covid-19, and a new study states that this phenomenon will continue to grow after the pandemic.
Some shows are happening worldwide with live streaming platforms such as Youtube, Facebook Live, and Twitch TV. But is it enough to maintain an entire ecosystem of DJs, live performers, and event organizers?
What surveys tell us
According to a survey by MRC Data, which belongs to the same group as the famous Billboard magazine, 47% of respondents said that they consider live-streaming a necessary option for the music industry, and 25% of them have already watched at least one stream.
At this stage, artists and promoters are looking for ways to upgrade their live stream production.
Former Sony Music director Thomas Hesse, who launched the streaming platform Dreamstage in August, believes that live streaming will reach 6 billion over the next three years.
Tim Westergren, who created the streaming platform Sessions in April, makes a more prominent assessment. He believes that the turnover of live streaming will exceed 5 to 10 times the turnover of 30 billion that the branch of music events had before the pandemic. This is certainly a very optimistic prediction.
The famous Tomorrowland festival, after its successful debut in the virtual world in July, plans to organize other online events even after the pandemic.
“Live from home was interesting at first, but we got tired of it,” says New York’s marketing director Le Poisson Rouge, which for $ 20 a month offers live streaming with seven cameras and high-quality sound.
What artists believe
Paid live streamings and virtual DJ events will cover part of the hole created by the pandemic, but half of the artists surveyed say they are worried because their income from the streams does not currently cover their living expenses.
Every level DJ can start a live streaming show from the comfort of their home. This is a good choice for beginners with a low income, but world-famous DJs and performers will struggle to earn the same as before the pandemic.
The advantages of virtual festivals
Open up to a new audience. The online environment can make it easier to expand to an audience that was impossible to target before. People living a long distance from a festival now have the opportunity to “attend” in no time and with no restrictions.
Low cost. Live streaming can reduce the total cost of an event by a lot. Staff, visual, and audio gear take a big budget cut, and it will also reflect the ticket’s price.
Unlimited attendance. Tomorrowland music festival tickets were sold-out minutes after availability. If you were not one of the lucky ones, you had to turn to the black market and pay two to three times more for that golden ticket. This problem is eliminated, and millions of people can enjoy their favorite artists.
Online streaming is good for the environment. Virtual events can reduce the carbon footprint and help you built a social responsibility.
It is a challenging time for all event organizers and DJs. Live streaming has many advantages, and that’s why it will last even after the pandemic. Is digital the new normal? Are music festivals ever going back to how it started? Many clubbers and ravers say that nothing can be compared to physically attending a live music event. We will find out soon.