First off, I hope everyone is doing well and staying safe. We all know how difficult this context is personally and professionally. For this week, we thought we would take a look at the most positive news and ideas we saw. To compensate for the anxious situation for the music business, we wanted to keep a clear mind. A lot of creativity is coming from people impacted by the confinement. So I thought it would be good to convey a positive message here. The situation calls for some rethinking of an industry relying majorly on in-person events. So for this first week staying inside (at least for us in France), let’s see what we came up with. And, we can’t stress this enough, stay safe at home!
#1. Events and gathering switch to online meetups
That’s the first big change we had to face in music business: events are getting canceled to keep attendees safe. Of course, while it is absolutely inevitable, for professionals, it takes a hit on networking. And music business is a lot about connections!
So Cherie Hu made a list of online events and gatherings. It is kept updated every day, to let you know where and when you can connect with the music ecosystem! A good way to isolate yourself and keep making connections.
#2. Livestreaming: short-term solution transitioning to long-term?
Since the beginning of confinement and live shows cancellations, a lot of artists started to put together livestreams to keep playing and stay in touch with their fans. It is safe to say that livestream is going to grow in the next few weeks (or even months). So now that a lot of artists are turning to this medium to reach their audience, is it the time to think of an alternative business model for online shows?
#3. Tencent had a great 2019 year
While we are on the topic of engaging audiences, Tencent talked about their goal to keep this side of their platform growing. The streaming platform generated more than $1 billion and reached 39,9 million paying users. The challenge will now to be able to adapt to new habits online!
#4. Bandcamp is doing its part for artists
This Friday, Bandcamp is waiving their revenue shares during the whole day to help artists compensate (a little) the loss generated by all shows cancellations. So think of swinging by and take a look at the platform!
#5. And finally, a word about recorded music
You might have seen the news come across your feeds: Spotify turned in a few numbers from the first confinement week. And the time spent listening to music is a bit down. In between livestreams, video games and offers released these last days, music streaming effectively witnessed a decrease of listened tracks.
This doesn’t mean that recorded music is going to be hurt by the confinement, it means that habits are being redefined. The adaptation phase is impacting all aspects of music. But for now, we hope everyone is staying inside and is watching / listening / supporting music!