ABOUT THE MUSIC INDUSTRY
Working in music is much more than just a nine to five job. Just for a little compensation or recognition, it requires a lot of commitment and hard work. Just knowing an instrument and some music does not mean that you know the music industry. Earning money in the industry isn’t as easy as negotiating your salary and waiting for your paycheck. The income structure of most of the music industry job is based on a certain percentage.
GROWTH OF THE MUSIC INDUSTRY
The annual yearly report from the RIAA (Recording Industry Association of America), revealed that paid subscriptions to on-demand streaming services jumped up by 25% in the year 2019.
The revenue from the music industry is increasing globally. In the graph below, we can also see that how music streaming has increased in the last five years.
HOW PEOPLE SPEND ON MUSIC?
NEGATIVE EFFECT ON THE MUSIC INDUSTRY DUE TO COVID-19
Given the nature of coronavirus, and how it spreads. Live music, concerts, festivals, and large gatherings were some of the events officially be postponed and cancelled following the outbreak of the pandemic. Great international festivals like Glastonbury – which was heading into its 50th birthday, have been cancelled. L.A. based festival Coachella has been postponed until October which may be further postponed.
The Association of Independent Festivals have already reported a 44% drop in the ticket sales from its members with 92% of people stating coronavirus as their reason. Similarly, Music Venue Trust reported a 27% drop in UK venue attendance figure already this year so far.
With all the cancellations and postponements, artists have had to think of creative ways to interact with their fans in the global down period.
WHAT ARE THE MUSICIANS DOING IN THIS PANDEMIC?
To slow down the spread of the COVID-19, the lockdown has made everyone stay at home. It has cancelled every plan of going out for fun. Going to watch a live performance on weekends by your favorite artist is no longer an option now. This has led to many artists being bored at home resulting in the growth of live streams like never before.
SOCIAL MEDIA AND LIVE STREAM
Social media is now becoming a reason for the success and growth of most of the musicians. Whether it be YouTube Live, or Facebook Live or Instagram Live, the number of live streams in the social media platform is increasing a lot. Especially in the lockdown period as well, the main reason being — it does require any additional cost. All you need is a good internet connection and there you are, for your fans. By streaming live, musicians can reach millions of audiences. This is a massive opportunity for brand exposure that has costs that approach zero. It is only going to get better and easier over time, as well.
While streaming live across social media platforms, a direct and personal connection is built between the artist and each individual audience member. The audience can compliment the artist or even request them to sing a particular song through comments. Another benefit of Facebook and YouTube Live is that the live video stays and can be seen anytime by the audience.
IS LIVE STREAMING PROFITABLE?
Yes, numerous companies are paying artists for streaming live on social media to promote their companies even in the lockdown, and ultimately, the musicians are making money. Also, there are many meetings being held online, where the head keeps some time for entertainment and invites a musician for fun. Some live streams are also carried out to create social awareness among people and collect funds.
But, not all live streams are paid. Many musicians are streaming live for their own promotion which is indeed a profit for them as it will boost the number of their fans.
“ONE WORLD: TOGETHER AT HOME” GLOBAL SPECIAL
Lady Gaga collaborated with Global Citizen and World Health Organization to plan the event – “One World: Together At Home”, which featured more than 70 celebrities and singers. It was aimed at celebrating health care and essential workers on the front lines of the coronavirus pandemic. The concert raised nearly $128 million to support the fight against Covid-19. It was aired on Saturday, 18 April 2020 Artists who have participated in the “Together At Home event”. They asked fans to support Global Citizen’s campaign, which included: Chris Martin, John Legend, Charlie Puth, Shawn Mendes, Camila Cabello, Shah Rukh Khan, Priyanka Chopra Jonas, and many more.
BRIGHT MINDED – LIVE WITH MILEY
The great singer Miley Cyrus started a quarantine talk show “Bright Minded- Live with Miley” where she has been conducting interviews and conversations with stars Reese Witherspoon, Dua Lipa, Demi Lovato, and Selena Gomez on Instagram live. This show has turned out to be a hit during this pandemic.
WHAT DOES THE FUTURE HOLD FOR LIVE STREAMS?
Even after the pandemic, live streaming is expected to grow as it has been proved very effective for the musicians as well as for the audience. Another reason being that people will not be ready to attend large gatherings for a long time so most of the annual concerts will be cancelled.