Covid-19 and how it has affected the music industry
As the response to the covid-19 pandemic has forced live music venues closed across the country and indeed the world, the music industry finds itself in limbo as it attempts to adapt to the new and unexpected situation. This is not the first time the music industry has had to do this. The recent popularisation of the internet has forced the industry to rethink music sales and distribution, with streaming prevailing. The industry now faces a test even more challenging than the last. Live music venues, musicians, and promoters alike are in search of new ways to make money in a post-covid world.
An Industry Innovating
With 50% of income coming from live performances, the industry has again turned to the internet for this missing revenue. You can read an economic analysis of the situation here. This has been successful, with millions across the world watching live streamed concerts such as “one world: together at home”. This is a model which has been replicated successfully on many occasions since. However, only large and established artists with a substantial online following benefit. Smaller artists and bands-for-hire are unable to rely on the internet for the same income. Many smaller artists have been able to recoup some through merchandise sales, but this is simply not enough for most. If music venues and promoters cannot legally host live music events, there is no source of income at all. This has resulted in widespread venue closures throughout the last 6 months and sadly it seems many more will follow.
How you can help
It is a time where the music industry needs our support more than ever. As well as buying your favourite artist’s merchandise, consider booking the band for your future event today. This keeps bands financially afloat and gives you something to look forward to! You can see our selection of incredible live bands here. It is also important to see this turbulent time as an opportunity. If you had a wedding or other event booked for this year that has been postponed, use this time for planning. Make sure you have the best band and DJ booked so when the day eventually comes, it will be truly unforgettable. Whilst the current situation may have delayed your big day, it doesn’t have to make it any less special.
Whilst one day, perhaps once a vaccine is readily available, music venues will once again be free to open their doors and return to normality, for now the industry must adapt. We may see socially distanced gigs appearing, giving people the opportunity to experience live music, if not like before. Whilst the near future may look bleak, live music is too big a part of our lives to be gone forever. It has helped us through the tricky times that this pandemic has posed, and will undoubtedly continue to do so, until we can walk through the doors of our favourite venues once again. Read our blog on the good, the bad, and the ugly of live music here.