Virtual Concerts A New Video Format
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The 20,000 Foot View: The global pandemic thrust the live music sector into chaos, with global revenues falling by in 2020 compared to one year previously. The music industry was rocked by first-order impacts (no concerts, no fan engagement) and second-order impacts (many artists realising that streaming did not add up without live income alongside it). Necessity, though, is the mother of invention and an unprecedented period of innovation and experimentation followed, creating a whole new virtual concert ecosystem. One that presents great opportunity but that also reflects the flaws of a hastily constructed industry, flaws that must be fixed for the sector to realise its ambition. Rather than the future of live, virtual concerts represent an entire new video product strategy.
Key Insights
- The pandemic global live music revenues down from billion in 2019 to in 2020, disrupting artist income, turn highlighting artist and songwriter with streaming royalties
- Virtual events kickstarted by the pandemic, with streams of virtual concerts in and with of consumers regularly live streams, albeit still less half of the that used regularly attend real world concerts
- Live streaming transitioned from free to paid, Bandsintown reporting the number of live-streamed concerts posted on its up from in 2020 to end November 2020
- Live streamed viewers are younger than traditional goers and more likely to male compared to
- Live streaming driven by a quantum leap artist demand; home-bound consumers with time; a wider shift to and a widespread consumer desire be connected
- The virtual value chain is defined by and a vast array of trying to own as much the value chain as possible
- Live streaming more consistency and structure, with strong case for a circuit virtual venues, sophisticated monetisation and distribution ecosystem
- Live streaming a new video format that be to live music what is to sports: a lucrative, hybrid licensing / pay per
- Ticketed live-streamed generated billion in 2020, which grow to billion in 2021 all live revenues) and will billion in 2027
- The outlook virtual events will be defined contributing to diversified artist income; the small venue gap for artists; delineating traditional artists from artists; format and business evolution; new games models
Companies and brands mentioned in this report: Amazon, Driift, Epic Games, Fortnite, Facebook, MelodyVR, Minecraft, Sessions, Twitch, YouTube