As we all know, COVID-19 has impacted the world (and our daily lives) in a plethora of different ways. In the blink of an eye, society adjusted greatly to deal with the pandemic. Now, as the distribution of the vaccine takes off and the light at the end of the tunnel shines through, we reflect on all the challenges COVID-19 has brought to us. One industry that has been intensely impacted is the music industry.
According to the World Economic Forum (WEF), the music industry is worth over $50 billion.They have two main sources of income, live music/ticket sales and recorded music which includes streaming, downloads and purchasing physical CDs. Digital music sales have dropped over 11% due to a fall in leisure and discretionary spending as the global unemployment rate grew. With that being said, our daily habits changed as well. Habits and routines such as daily commutes to work and exercising (which are primary times for streaming music) has decreased
As annoying as advertisements can be, many streaming websites and music channels are hugely funded by ad revenue. As money for businesses became tighter, budgeting was needed in order to stay afloat. One third of media buyers and brands have paused advertisements, while 46% cut their ad spending. This largely affected the advertisement aspect of the music industry.
In order to follow CDC guidelines and slow the spread of COVID-19, thousands of concerts and music festivals have been cancelled throughout the past year. Most music artists rely strongly on ticket sales and live performances, as this makes up 75% of their income. However, Celebrities definitely were not the only ones affected by COVID-19. The pause on live events affects not just the artists themselves, but all the companies that work hand in hand to make live events run smoothly. This includes bodyguards, haulage companies, road crews, sound engineers, event planners and many more.
While the light at the end of the tunnel is peeking through, the effects and damages of COVID-19 can take years to rebuild. Luckily, there are ways you can help. For starters, keep up with digital live stream events. Your favorite artists and music festivals may be hosting streaming events and your support would mean the world to them. More views typically means greater revenue. Secondly, not all streaming websites require payment, so plug in your headphones and stream your favorite songs while getting your workout and chores in. Thirdly, donate to relief funds if you can. Many struggling artists and corporations will ask for donations during tough times like these. Lastly, if you qualify and feel comfortable doing so, get vaccinated! Once you are vaccinated, slowly but surely, you will be able to attend concerts and music festivals again. But, in order to achieve this, we need to reach “herd immunity” first. Each vaccinated person is one closer to normalcy. Eventually, we will be able to enjoy concerts and music festivals again as we experience the shift from “online streaming” to live shows.