Opinion: A shift to live-streaming due to Coronavirus
Updated: Jul 2, 2020
As COVID-19 brings uncertainty to the live event business for the foreseeable future the ability for artists, motivational speakers, comedians, and live performers of all types to adapt to these circumstances is critical. In order to salvage lost touring revenue, a possible short-term solution could be a shift to paywall live-streaming model. Streaming services like Instagram Live, YouTube Live, Baebel, Periscope, Pitchfork TV, Qello, LiveXLive, Vimeo, and more become all the more valuable now in the execution.
As artists such as John Legend and Coldplay’s Chris Martin turn to the immediate option of live streaming concerts from home for free on Instagram Live, one has to consider how sustainable this is, especially for lesser known artists considering a majority of their revenue normally generated through live shows could be postponed through the rest of summer.
According to Vimeo Livestream 45% of live video audiences would pay for live, exclusive on-demand video from a favorite performer. In addition to that, 67% of audiences who watched a live stream purchased a ticket to a similar event the next time it occurred. This shows that livestreams could act as a primer for increasing future revenue streams and maintaining fans’ lifetime value, especially paramount during the likely impending recession.
Especially during these trying times, people will yearn for an escape for reality and will turn to their favorite performers in order to do so. #SocialDistanceSessions (shout out to Rob Thomas for that one) seems like the foreseeable future and here at L1NEUP DIGITAL we’re gearing up on supporting this newer fan experience.