Live streamed concert demand Ready for prime time
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The 20,000 Foot View: Virtual concerts went from zero to a hundred at an unprecedented rate during the pandemic-shaped 2020, and the momentum carried through to 2021. But if lockdown years are like dog years, then so too the evolution of the current virtual event marketplace has been concertinaed. While this has resulted in rapid innovation it has also resulted in pragmatic shortcuts being taken. With the traditional live sector edging towards a roadmap to recovery, the virtual concerts sector has a small but crucial window of opportunity to establish its post-pandemic viability through concerted innovation in product strategy, distribution channels and revenue models.
Key insights
- The continued around means that there remains period of time in which events will retain their current
- Live streamed audiences remain niche, with of viewing at least monthly during up slightly from in 2020
- South Korea, and Brazil lead with penetration at or above while most markets hover around reflecting the market state
- Activity is driven by a core of of consumers watched at least event during 2020, while watched than one and just one of consumers are very interested in attending a live streamed concert, and somewhat interested. This would represent a increase of the current audience
- A similar of consumers are interested in for standard tickets, exclusive access virtual merch, indicating demand across live stream product spectrum
- Gamers heavily index for virtual concert demand: pay to attend, would pay backstage passes and would pay virtual merch
- Future adoption be driven by format innovation, experience, fan monetisation, and revenue
- Product strategy be built around three key needs: anticipation, participation and identity
- A new format ecosystem is needed, with networks and video streaming services the means of extending the profile of shows by reaching the artist’s primary audience
Companies and brands mentioned in this report: Amazon Prime Video, Animal Crossing, Billie Eilish, Blackpink, Driift, Dua Lipa, Facebook, Justin Bieber, Kiss, League of Legends, Liam Gallagher, LiveNow, Minecraft, Netflix, Pokémon, PUBG, Roblox, Twitch, Spotify, YouTube