Musicians are getting creative during the pandemic. Are streaming performances here to stay?
"Modern festival economics depend on four primary things: sponsors, ticket sales, bar sales, and merchandise and food sales," Moody says."The fan experience depends on the live interaction of fan-to-fan, band-to-fan and fest-to-fan to create the value proposition so it all can work. All of these things are very difficult to pull off in an exclusively digital environment.
COVID-19 has led the company to cancel about 1,500 shows so far, affecting 3,000 performers. It's been a major financial hit for musicians in all corners of the country. But for anyone other than a"blockbuster artist" such as Swift or stars in her class, there are"diminishing returns," when it comes to streaming, says Jim Ritts, CEO of the Austin Theatre Alliance in Texas.
Streaming has allowed Edwards, who typically performs five or six days a week, to stay in touch with fans during the coronavirus lockdown. "COVID-19 will have long-lasting impacts," he says."The good news is that we’re just at the beginning of an exciting new era of interactivity. Technology has always been a driving force behind connecting artists with fans, and COVID-19 is simply accelerating what’s already been happening."The technology isn't there yet, Kinzie says. But soon, he hopes.
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