How COVID-19 May Transform Live Music as Artists Look for Different Revenue Streams

How COVID-19 May Transform Live Music as Artists Look for Different Revenue Streams

For music lovers, reality struck after the COVID-19 pandemic was global — it could be a long time before anybody went to another gig. Physical distance guidelines, overall crowd regulation, transport and border constraints are some of the obstacles that stand in the way before artists can even start dreaming about taking the road again if the entire tour concept survives a pandemic. To know more about the article and learn about different revenue streams artists use, we invite you to read this article.

Sourced through Scoop.it from: www.bnnbloomberg.ca

According to a new PricewaterhouseCoopers survey, the global live music industry was worth some $28 billion last year, but sales may be ice-packed, since COVID-19 pressured some artists to find alternate revenue sources to survive. Some acts monetized live streams across sites like StageIt. Meanwhile, while others launched online tip drives or supported Patreon premium content services, which offer fans direct means of supporting their favorite performers.

Soul singer Tanika Charles from Toronto was in the midst of a tour of her last album The Gumption when the live music business ended. Tanika assumes that after COVID-19 is over, music labels will become a steeper obstacle for musicians to climb.

In support of the arts, the federal government allocated $500 million in funding of music, entertainment and sports to help Canada. One significant aspect of the deal was that royalty fees would not preclude musicians from being considered for a disaster relief grant for the Canada Emergency Response benefit: $2,000 a month.

Players from the recording industry even took action to help musicians during this worst time of COVID-19. Online music retailer Bandcamp suspended its revenues on March 20th, resulting in revenue of $4.3 million in one day.

Spotify, a huge streaming giant, agreed to donate to 14 music institutions worldwide-including the MusiCares Recording Academy and the Unison Charitable Fund of Canada-up to a combined amount of US$ 10 million.

Bands may follow a more local approach to live gigs on the other side of this pandemic, which may offer a better return for musicians who are capable of handling expectations.

This is an opportunity for musicians to get in contact with their real, tangible, regional populations.

To learn more about this topic, visit the original source content at the BNN Bloomberg website.

Since the music industry is changing rapidly due to COVID-19, many artists are unsure about how they will be able to connect to their fans and the community and also about how easy will it be for them to make money in the industry again. One solution for the artists to interact with their fans and make some money during this pandemic is Canyon Entertainment Group’s new virtual concert series. This is the best opportunity for artists to reach out to their fans during this bad time. For more information, contact info(at)canyonenterntainmentgroup.com.

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