With many an artist taking to live streaming concerts and entire festivals during the COVID-19 pandemic, it may signal something larger for the future of the music industry.
According to a new study conducted by MRC Data, a significant amount of fans, listeners and event attendees are on board with the new mode of delivering musical experiences to the masses. From the United States to half way ’round the world viewers have been given the chance to experience everything from digital blockbuster festivals like Tomorrowland, to completely outside of the box ideas like Oliver Heldens’ Everywhere.
Based on a survey of fans’ behaviors, attitudes, and preferences, the study conducted not only defines current live streaming event success, but highlights its potential for significant growth moving forward. For instance, although 47% of music listeners see virtual concerts as a necessary step for the industry during times likes these and the majority of those sampled have yet to break the ice and attend a digital performance themselves.
As for the business end of streaming, industry insiders like former Sony Executive Thomas Hasse, predict that the burgeoning format will grow into a $6 billion industry in the next three years alone. Stay tuned for news on the future of virtual music events.