At this point, the consequences of the Coronavirus pandemic have spread far and wide across the globe. Unemployment is on the rise, countless small businesses are closing their doors permanently, and life as we know it has changed dramatically. Many businesses have been forced to operate differently due to COVID-19.
The music industry has been impacted heavily by the ongoing coronavirus crisis. Major events, award shows, and concerts have been postponed or called off entirely. Experts are estimating that the live events business stands a chance of losing billions, leading to an industry wide financial fallout.
Many artists and musicians rely tremendously on touring and performing as a main source of income. While the streaming industry might seem lucrative for the music industry as a whole, royalties are low amongst artists. All of these factors stress the importance of the live music industry, especially for smaller and independent artists.
The ramifications of the coronavirus cancellations and postponements will also affect songwriters, as they depend on the performance royalties from the live performances of their songs. Record labels, venues, production teams and others behind the scenes are also experiencing the effects of this tragedy. The effects of the coronavirus also spread further than the live music scene. Many music and entertainment companies are taking stock market hits. Advertising and sponsorships have also been reduced within the industry during this period.
That being said, the industry is finding innovative ways to connect with their supporters, such as alternative ways to monetize music. Online concerts and performances are quickly becoming a staple during these times. Artists are connecting directly to fans through platforms such as Instagram and Twitch.
Many companies and organizations are offering relief to artists during this time of need, such as Bandcamp, Apple Music and Amazon Music.
As the world adapts to our new way of living, so will our music industry. Artists and musicians can make use of the national and local resources available to ease any distress caused by the Coronavirus pandemic.
– Become Aesthete –
– Follow Us –