The devastating global pandemic of COVID-19 has had an enormous impact on the way of life of people across the planet. The industries relying on face-to-face contact to make business have been some of the hardest hit. We’ve talked to a number of musicians and music professionals from Europe and North America to find out the exact impact of the situation on their music income and business.
Who we talked to
Most of our respondents are independent musicians, with a few sound technicians and artist management professionals. They come from Canada, Germany, Spain, and the UK, and approximately half don’t have any other source of income besides what they make in the music business. The majority of their music income typically comes from playing live shows and concerts, as well as live music appearances like weddings and theaters.
Estimating the fallout
On average, music professionals have seen between 5 and 10 shows cancelled (more for sound technicians), and some postponed. Lost income for March – May 2020 is usually several thousand dollars/euro/pounds.
“No live shows = virtually no money,” comments a member of a band from Canada. Their business relies entirely on live shows, music sales, and merch. The band does plan to hold free and paid online shows to try and make up for the lost revenue that is “roughly $5,000”.
One artist management representative from Madrid shared that with no options to do the business online, the current situation’s effect on their music business is drastic: “It’s in complete danger”.
Aside from lost shows, bands have been experiencing the impact of forgone rehearsals.
What are the prospects
With the number of online shows surging during quarantine, the musicians and music professionals we surveyed also shared plans to hold online live music events, with almost half planning on holding free shows and some – paid.
Only one independent musician of those we talked to relied on an online income from their music – online music tutoring, while most have lost the live show income or gigs and have no way to recover the money.
As businesses are moving online, the music industry is trying to adjust.
Though constricted by the heavy dependence on in-person shows, musicians do have a few options to explore:
- music sales
- live-streamed shows
- merch sales
- music tutoring
- co-writing sessions with fans
- remote DJing parties
- fan subscriptions
Being a network for musicians and music fans, Show4me offers a collection of solutions to earn money off one’s music on the network.
On Show4me, every musician, band, or their representative can create an Artist club to showcase their brand and music.
Fans can choose to subscribe to the Artist clubs they like for free or at $1/year. The latter option allows fans access to listening to all the music uploaded to the musician’s Artist club for a whole year, as well as enables direct messaging with the artist.
Ticketed online shows
Probably one of the most sought after solutions these days for musicians who have lost their income from live gigs is the opportunity to actually monetize their online events in a straightforward, streamlined way.
On Show4me, musicians can launch ticket sale campaigns for any upcoming online show and then stream it in their Artist clubs.
As an unlimited number of ticket types can be sold for any particular event, musicians and bands can offer complementary rewards like tutoring sessions, personalized video greetings, merch, remote DJing a party, and more within their ticket types for the upcoming show.
Tickets for an online show can be bought both before and during the live show.
Yes, you can sell your music in a number of places online, but on Show4me all of your fanbase is already here, they are reading your news in your Artist club, they are listening to your music with free or premium subscription to you, they are attending your shows. It’s only natural that they will want to buy your next album or single or EP.
By the way, the flexible pricing on the music allows users to tip their beloved musicians as they can manually type in the price for the album that’s higher than what the musician has set for the release.
Music and show crowdfunding
Sometimes all that’s standing between you and your next album is a new mic or mixing software or a course on music arranging. Cover these costs by crowdfunding your next album, single or EP through Show4me.
Crowdfunding a live show – whether online or face-to-face – can also save you a lot of trouble. Your costs will be covered by ticket presales and turnout will be guaranteed as you know exactly how many ticket you’ve presold for the show.
Music and show crowdfunding ensures that your music endeavours are profitable and helps gauge the demand for your events and music very accurately.
Be in charge of your music business with all of these points of music monetization.