Revenue / 08.26.20
Three Music-Industry Trends From Quarantine That Are Here to Stay
Rolling Stone (08/17/20) Ingham, Tim
Three trends in the music industry spurred by the COVID-19 quarantine are likely to have staying power after the pandemic. One trend is of artists monetizing fanbases to tap revenue otherwise lost to the touring moratorium, while loosening themselves from the strictures of social media. A recent example is Cardi B's announcement on Instagram of a $4.99 monthly subscription on OnlyFans, where she will offer a wealth of content. This direct-to-fan subscription model may have been fueled by a cultural shift driven by livestreaming over lockdown, which ties into a second major trend: the emergence of livestreaming as a lucrative and competitive industry. With many livestreaming startups staking out territory and customers, incumbents like Live Nation are responding with their own offerings. Live Nation CEO Michael Rapino recently disclosed that his company's livestreaming over lockdown pilots had led to more than 67 million fans watching some 18,000 concerts/festivals in three months. A third trend of note is the advent of independent music labels, mainly in the U.K., and do-it-yourself/self-releasing artists like Taylor Swift taking matters into their own hands. With U.S. physical music sales nosediving due to record store closures and slowdowns in release frequencies, moves like Swift's direct-to-consumer marketing of her "Folklore" album are paying dividends.
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Tags: Music , News , Market Research , COVID-19 , Coronavirus