It's no secret that artists are struggling right now. Thanks to Coronavirus/COVID-19 and the "new normal", all performances have to move online. To make matters worse for artists, most of these performances are free. The future of shows may lie in the world of paid livestreams - something services like Twitch are no stranger to. Recently, Facebook announced that they will also include paid livestreams in their services. This sets the music world up for a pivot in a new direction - the world of paid online music performances.
"It's possible that bookings will move online soon and that DJs will have to charge for their livestreams; or, they will have to stream on 3rd party pages. "
Artists will eventually have to monetize their livestreams in the future since they have to make ends meet. Soon, the novelty of seeing a DJ set from a canceled show will wear off. Artists will need to find ways to make their livestreams more appealing so they can monetize them. This is a model that video game streamers have proven works. The question now is, can the music world apply this model as well?
Music audiences have high expectations, especially when they pay for tickets. It's tough to match the experience of an actual event with a livestream. Artists have to innovate and involve their audience in their show to make up for the lost revenue. Artists have to entertain the audience, but also have to incentivize them to come to their next online show. This requires a delicate balance of creativity, artistry, and musicianship.
If the COVID-19/Coronavirus situation doesn't improve, artists have no choice but to move to this model. It's possible that bookings will move online soon and that DJs will have to charge for their livestreams; or, they will have to stream on 3rd party pages.
Regardless of the uncertain future ahead, Stagent, the next artist management software, is right there by your side if you are an artist or if you work for one. We'll make sure that your bookings and payments are organized, and that you'll be able to focus on putting on a stellar show for your audience. Whether the future of the music business is online, or if the situation gets resolved faster than expected, Stagent is ready to be your partner in these uncertain times and to help artists succeed.