COVID-19 Crisis: Turning Live Streaming into a revenue opportunity in the age of social distancing
For the live music industry, artist community and media business, the COVID-19 crisis is the most disruptive event in modern memory. The wholesale cancellation of tours, festivals, conferences and the like, coupled with unnerving uncertainty, calls for the discovery of a new normal. Fortunately, Consequence Media is positioned and committed to bringing diversified streams of revenue to the industry across a variety of channels: content, sponsorships, commerce, technology/data and performance marketing.
In the immediate aftermath of the COVID-19 shutdown, many artists have sought refuge in the digital sphere by launching live-streaming events. Understandably, a majority of the current activity seems to be focused on charity or cause based initiatives, but we see a long-term business opportunity.
Led by our flagship property, Consequence of Sound, Consequence Media’s digital offerings place a heavy emphasis on live music and artist discovery. Now, we plan to leverage these core attributes by creating a live-stream experience with the ability for the artist to directly earn.
Already our audience has shown an immense interest in such content. Consequence of Sound recently launched a specialized newsletter digest called “Quarantine and Chill”, which provides daily suggestions on ways to stay entertained from the comfort of your home. In less than a month, over 25,000 subscribers have signed up for the digest, with an average daily open rate of above 10%.
Additionally, this past weekend, Consequence of Sound hosted a livestream tribute concert to John Prine on Instagram. Several prominent artists participated, including Warren Haynes, Norah Jones, Grace Potter, The Decemberists’ Colin Meloy, and The Head and the Heart. The livestream amassed over 500,000+ views in addition to raising thousands of dollars for charity.
In the coming weeks, Consequence Media will utilize every facet of its business — original content, expert curation, technology, first-party data, digital sales and marketing — to create a wholly unique live-streaming experience that offers long-term earning opportunity for artists.
More details will be revealed shortly, so stay tuned!
If you have any inquiries or questions please contact us at firstname.lastname@example.org