In the other hand, the companies behind Bonnaroo and Coachella love spending large amounts of money to stream the event. The concert streaming is used to promote the event next year, and encourage viewers to go and feel the real experience. For Bonaroo and Coachella, these marketing strategies will pay off in the coming years.
Music entrepreneurs and live events companies are finding a
hard time monetizing concert streaming for small and mid-size concerts and
tours. Another barrier on top of the high production costs, is securing right to
performances. Sometimes the artist is signed to a record label or he is playing
a cover song that belongs to an outside publisher.
Several artists are not comfortable with putting all their
media content on the Internet either. Most of them rely on tours and
concertgoers. By encouraging concert streaming, they would be taking the risk
of decreasing ticket sales hurting them and the concert promoter.
John Petrocelli, who used to be the head of AEG Digital
Media, differs from these skeptical thoughts about the concert streaming business.
According to him, “That's an untapped market.” Vevo produces around 30 concerts
a year for big name artists. If
companies like Vevo make their content available live, views on their channels would
increase incredibly, creating great possibilities for brands to reach more
consumers.
The concert streaming business is facing mixed opinions at this moment. Some business executives say that is not worth it for tours and regular concerts. Others say that the concert streaming is a potential market that has not been decoded yet. Some artists remain unconvinced of this new possible business opportunity. For the last few years, touring has been the major source of income for many of them. The challenge for believers of this business is to prove artists that the concert-streaming model will not mean the decrease in ticket sales.
Hi, Alejandro I believe that the concert streaming business will takeoff in the future. I believe that concert streaming will take off because it is like you said it makes consumers want to go to these live productions. I think that by streaming a concert it gives you the same feeling as if you were watching a music video. I know when I watch a music video I wish I was there because it looks like they had tons of fun when they made the video. I think streaming a concert gives consumers the same feelings. I also think it will help artist out because they can team up with sponsors for advertising dollars and maximize every aspect of the concert. The streaming rights could be bought by a company and would read something like this, Drake Concert Streaming live brought to you by Sony. I for one believe that concert streaming is a good thing and I can not wait for it to be a regular thing. I plan on having a yearly concert in Germany and can not wait until the solution is right so I can maximize my profits. I really enjoyed your post about this subject and I hope you continue to bring valuable insights to topics like this.
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