Could Virtual Concerts Become an Important Revenue Stream for Independent Electronic Music Artists?
How virtual concerts and live streaming could become a revenue stream for independent electronic music artists, cutting touring costs and reaching fans.
Image source: Nicolás Flor on Unsplash
For any music act, live performances are an important source of income and a way to reach new fans. However, for many up-and-coming electronic music artists, playing in front of an audience is not always financially viable. There are several costs to consider, such as travel expenses and venue hire.
This is where virtual concerts could solve a lot of problems. Thanks to improvements in live streaming quality, it is now viable to stream events in real time and charge online viewers a fee. This could soon become a common way for independent electronic music artists to earn money and market their music to a wider audience.
Musical Experiences Are Finding a Place Online
The idea of watching live music online is nothing new. In fact, countless musicians and bands have recorded live shows and put them online for people to watch later. These only allow them to imagine they were there, though, with everything having already happened. Live streaming has changed the game and has given people a way to immerse themselves in concerts that are happening in real time.
These experiences are getting better every year as the technology continues to improve. Various industries have integrated live streaming to great success, with numerous ecommerce sites like Amazon using it. It’s also prevalent among casino games UK, with titles like Mega Fire Blaze Roulette and Wonderland Luckyball putting players in front of live dealers.
As more industries embrace livestreaming, audiences are becoming increasingly familiar with the format. On top of this, developers are encouraged to keep upgrading it. Now, it’s an ideal way for music acts to transmit their performances to online viewers.
The Economics of Virtual Music Performances
Some independent electronic music acts are now turning to virtual concerts. Names such as MoriKei and DJ Error are using these online platforms to reach global viewers. When you look at the economics of this strategy, it’s easy to see why they are doing it.
One of the most obvious benefits is that it reduces the potential costs associated with traditional touring. Musicians can simply hire out one venue, fit it with the necessary cameras and microphones, and transmit their live performances from there. This equipment may come with some upfront costs, but it may be worth it in the long run.
Another huge advantage of virtual concerts is that they can be marketed to people anywhere. There’s no need for them to have access to the venue. That means that a greater number of tickets could be sold, and it would also allow acts to sell them for cheaper to attract more interest. There could even be different ticket packages, with standard fees for the main concert and premium options that include backstage access as well.
Now that the technology is reliable enough, it makes a lot of sense for electronic music artists to use virtual concerts as a revenue stream. In the future, technology such as virtual reality could enhance these experiences further, and people feel as though they are watching in person.
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Chief editor of Side-Line – which basically means I spend my days wading through a relentless flood of press releases from labels, artists, DJs, and zealous correspondents. My job? Strip out the promo nonsense, verify what’s actually real, and decide which stories make the cut and which get tossed into the digital void. Outside the news filter bubble, I’m all in for quality sushi and helping raise funds for Ukraine’s ongoing fight against the modern-day axis of evil. Besides music I’m also an SEO and AI content flow specialist and have an interest in everything finance from stocks to crypto. There is music in everything!
