HOW TO MAKE MONEY FROM VIRTUAL CONCERTS

Live Streaming

Feb 25

The coronavirus continues to wreak havoc on the global economy and one of the most affected sectors is the live events industry – the very industry that brings your favorite artists and idols to your city.

Based on a survey of 5,600 self-employed individuals who work in this sector, 71% of them are deeply concerned about being able to pay their bills, while 46% of those surveyed are already experiencing loss of income. Some predict the outbreak will sustain itself for six months, while others fear it will last longer.

Although some artists have gone live online by running their own virtual concerts, many of these free online events are merely casual live streams that do not do justice to the millions of dollars paid by fans to attend the actual offline version.

In order to sustain everyone who puts on live events as part of their livelihood, there is a critical need to find effective ways to derive actual income from online concerts. Here are some practical suggestions while we wait for the virus storm the clear.

Don’t think of virtual concerts as concerts
The most common way of putting on a virtual show is to take the entire offline concert and dump it into an online stream. Do not fall into this premise. A digital experience is uniquely different than the experience of attending a concert.

Remember that the revenue derived from online events can never be on par with the revenue from an actual concert, just like paying for cable TV to watching the Super Bowl in the comfort of your home is a lot cheaper than buying a ticket to the actual event.