By: The BitMar Team.
As live streaming has rapidly grown in popularity, it has become another way for musicians to reach audiences from all over the World. As the technology continues to evolve, many experts predict that live streaming will remain an important part of the music industry, for years to come.
According to a report, by Grand View Research, the global live streaming market was valued, at: $50.1 billion, in 2020. It is expected to grow at a Compound Annual Growth Rate (C.A.G.R.), of: 21.0%—from: 2021, to 2028. The report cites the growing demand for live streaming – in the music, gaming, sports, and entertainment, industries – as the key drivers of this growth.
The use of live streaming, for virtual concerts and events, is one trend that is likely to continue. A survey, by Bandsintown, found: that 82% of music fans are interested in attending virtual concerts—even in the absence of in-person events. This presents a unique opportunity for artists, and event organizers, to reach a global audience, while generating revenue through ticket sales, and merchandise.
The use of live streaming for promotional purposes, is another trend that is expected to continue. Many artists have used live streaming to connect with fans, and promote new releases—such, as: album releases, music videos, and merch drops. In fact, another study, by Nielsen, found: that 57% of music fans are likely to watch a live stream, from an artist that they follow.
However, there are also potential drawbacks to live streaming, in the music industry. One concern, is: the possible impact that it can have on in-person concerts, and events. While virtual concerts can reach a wider audience, they may also cannibalize sales for in-person events. Additionally, there is the risk of oversaturation, in the market; by having too many virtual concerts, and events, vying for attention.
Despite these concerns, many experts predict that live streaming will continue to play an important role, in the music industry. As the technology improves, and audiences become more accustomed to virtual events, live streaming could become a standard part of the music experience. Another report, by MIDiA Research, predicts that virtual concerts, and events, will generate $600 million, in revenue, by 2024.
To prepare for the future of live streaming, in the music industry, artists and event organizers should focus on creating engaging, and unique, experiences for their audiences. This could include: interactive elements—such, as: Q-and-A sessions, and behind-the-scenes content; and collaborations with other artists, and brands. Additionally, it is important to prioritize high-quality production values – including: sound, and lighting – to ensure a professional, and enjoyable, viewing experience.
In conclusion, live streaming has become an important part of the music industry; and many experts predict that it will continue to grow in popularity. While there are potential drawbacks to consider, the opportunities presented are significant. By embracing the potential of live streaming technology, artists and event organizers can create exciting new experiences for music fans around the World.
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