As the fear of COVID-19 continues to prevent live music and delay major releases, new trends are emerging as the music industry adapts to a new normal.
It’s crazy how fast life can change. Six weeks ago, Americans could not imagine spending a month indoors due to the spread of a disease no one understands. People were busy living their lives, making plans, and going through their days without giving much thought to the notion that the global economy could grind to a halt practically overnight. That was before everyone knew the term COVID-19 or coronavirus, of course, and now we’re struggling to adapt.
We recently created articles and videos addressing the immediate impact of COVID-19 on the music business. That content specifically addressed live music, which remains impossible, and the numerous delays of high-profile releases. After speaking to several industry peers we’ve learned of additional changes starting to emerge, as well as the way our (hopefully) short-term new normal could have lasting ramifications throughout the entertainment business. We choose to believe this evolutionary period is ultimately a good thing, but that doesn’t mean it will be easy.
In today’s episode of Music Biz, host James Shotwell shares more ways the coronavirus is changing the music business, as well as how those changes will impact the industry after the current pandemic ends.
Here are the trends we’re seeing unfold.
Social media: With live music at a standstill, many artists are turning to social media platforms that offer monetization tools for fan engagement, including Twitch and Patreon. As a result, Instagram and other companies are currently fast-tracking development for monetization capabilities to keep artists active.
Streaming: Keeping revenue in mind, it’s very likely that the conversation around streaming royalties will intensify as the pandemic continues to prevent live music. That debate has raged for the better part of a decade already, but with more artists, than ever depending on streaming to pay bills there is a high likelihood that musicians will band together to amplify their voice.
Release strategies: Artists should keep their current release plans, but they should consider new methods for keeping fans engaged. The traditional promotional rollout that includes 2-3 singles may not be enough. We recommend releasing more content. A lot more.
Influencer marketing: People are consuming a lot of content during quarantine, which may raise the amount of influence that content creators possess. Artists and labels alike would be wise to leverage the audience of content creators whose work aligns with their sound to raise awareness for new and upcoming releases.
Live Music: Everyone wants to know when live music will return. The truth is, nobody has an answer. The most likely scenario starts with bars and smaller venues operating at a reduced capacity while taking as many precautionary measures as possible. Big events, such as concerts taking place in arenas or stadiums, most likely will not return in full force until sometime in 2021.
