Music plays an important role in our lives as it’s a way of expressing our emotions and feelings. It gives us relief and reduces stress. The music industry has faced many tough times over the years. Recently, it has been hit hard by the COVID19 with live performance being the biggest casualty. The music biz is fighting back to monetize music consumption and innovative models to create jobs for musicians.
Keep reading to know the situation of the Music industry during Covid19.
The business model of music
The global music biz is worth over $50 billion, with two main streams of income. Live music alone makes up more than 50% of the total revenues and is derived mainly from the sale of tickets. The other source of income is, streaming, recorded music, physical sales, combines revenues from digital downloads, physical sales, as well as synchronization revenues.
The effect of COVID-19 on sales and streaming
If reports are to be believed, physical sales in the wake of the COVID-19 are down by about one-third, while digital sales have fallen around 11%.
Also, the way people listen to music has changed during this pandemic. This time has changed the listening behavior of the people, now people prefer using home applications on television and other smart devices.
New ways to engage with fans
As there is a ban on mass gatherings, artists are connecting directly with their fans from their homes, using services like Instagram TV, Twitch, and others. This is not new, but the COVID19 has expanded the number of users, and record labels are facilitating it by providing live streaming equipment to musicians.
Public-private support mechanics for musicians
The music industry is putting all efforts to make funding available to people whose income has been affected by the coronavirus pandemic. These include donations from some big event promoters and venue operators as well as some streaming platforms. Myfan is a music platform that has also joined the efforts.
It is a social platform where Local musicians or bands can sign up and promote their services to a wide audience. It is made in order to help small bands and local musicians to grow their Fan base, get more engagement, and be hired for gigs. They can publish different videos of their performances or their songs and share them with a wide audience in order to get more fans. It is a unique platform where musicians can promote themselves for free.
Besides this, it also serves people who like to explore music or to follow their local band. They can listen to the music for free, see the weekly trending and always know where their band performs currently. Here fans can interact with musicians, write reviews, or donate to support the Musician project or tour.
Myfan is also a marketplace for Event planners, venue operators, bar owners, music head-hunters, and other people who need to hire bands for their event or gig. They are able to browse musicians, look at their portfolio, listen to music, and hire them for their events. For more details, please visit https://myfan.com/users/sign_up , signup for free, and enjoy the benefits.