The year 2020 was certainly one for the books. Looking back on this year I think we all can agree that it felt historic in many ways. Moreover, it was also historic when it came to virtual concerts and online music performances. Remarkable things have happened. Hence, it’s not surprising that several authors have come to the conclusion that livestreaming has had its breakthrough this year and that it will become a reliable new revenue stream for artists in the future. The big magazines appeared euphoric about livestreaming and virtual concerts as they recognized 2020 as a turning point:
I recently learned about a new research project that is dedicated to understanding which effects digital concert experiences can have on spectators. It aims to create a new data set on the issue by conducting various studies.
A few days ago I stumbled upon the shut down message of a business I had never heard of before – Quibi. Quibi was trying to create a streaming platform with self-produced content and licensed movies in short episodes, all with the idea in mind to be mobile-first.
As a YouTube channel you are most familiar with the platform, but if you look around you’ll notice that much of our daily life is by now happening on platforms. Uber provides for your transportation, AirBnb lists accomodations anywhere, Amazon is your one-stop-shop for nearly everything. What all of them have in common is that suppliers can use the platforms’ infrastructure to reach customers. They are the matchmakers between supply and demand and if they weren’t incredibly low-threshold to both sides you probably would’t run a music channel. This new level of participation especially on the supplier-side, in turn, creates much more competition, of course. In many cases, professional creators even compete with amateur creators, a situation that would’ve been inconceivable in Hollywood.