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 uncertainty around        means that there remains a period of time in which virtual events will retain their current importance
• Live streamed concert audiences remain niche, with        of consumers viewing at least monthly during        2020, up slightly from        in        2020
• South Korea, France and Brazil lead with penetration rates at or above        while most other markets hover around        reflecting the nascent market state
• Activity is being driven by a core of consumers:        of consumers watched at least one event during        2020, while        watched more than one and        just one event
       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 share of consumers are interested in paying for standard tickets, exclusive access and virtual merch, indicating demand across the live stream product spectrum
• Gamers heavily over index for virtual concert demand:        would pay to attend,        would pay for backstage passes and        would pay for virtual merch
• Future adoption will be driven by format innovation, fan experience, fan monetisation, and revenue models
• Product strategy should be built around three key emotional needs: anticipation, participation and identity
• A new video format ecosystem is needed, with TV networks and video streaming services representing the means of extending the revenue profile of shows by reaching beyond 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