Music Business Assignment | Online Assignment Help
We need to write about the UK Market I have already written 790 words (you can continue or rewrite it and continue if you wish) must be 2500 words in total. I will attach it.
PM404 Music Business A2
The impact the Coronavirus has had in the Music Industry.
The effects the Corona Virus has had in the Music Industry.
In this essay I will we will be discussing the effects and the impacts that the coronavirus has had in the music industry, With a pandemic like this that has never occurred before in the world people are confused, stressed and worried about their loved ones.
During these difficult times the music industry alongside entertainment and other industries have all taken a huge toll due to the Coronavirus but has not taken such a toll like it has on the music industry.
(Insider,2020) describes “every tour, concert, and music festival thats been cancelled or postponed due to the coronavirus outbreak” this is a situation that has never happened before. The music industry has been affected massively with the majority of its income grossing due to live events, tours and concerts.
A report released by research firm pollstar…claims that ‘the Concert industry could lose $9 billion this year due to the coronavirus pandemic’ (Brown,2020), making it extremely difficult as “mass gatherings are to be banned across the UK…after Boris Johnsons’s cautious approach to the coronavirus outbreak” (Stewart,2020)
The hardest hit are the grassroots venues who tend to go hand to mouth are struggling excruciatingly as (Homewood, 2020) describes it is “Impossible to exaggerate the scale of the problems facing the grass roots venues circuit as the coronavirus lockdown continues. “MVT” was faced with 96 imminent threats of venue closure. Now this number has exceeded to a whopping 556 venues he has launched the ‘£1million Grassroots Music Venue Crisis fund.
Although lockdown restrictions have given consumers a lot more time to stream music, surprisingly, streaming fluctuated as stated by ‘Spotify’ with a decrease in 11%
Several funders
Director of London school of business Matt Erington signifies that music consumption is at an all time highest since 2006 – find evidence…
Streaming counts as 78% of all consumption of the now??
Drop in Spotify streams by 11%, with the lockdown rules being applied no one is listening to music on their commutes to work, lunch breaks. On the contrary there has been a record number of paying Spotify premium subscribers at 130 million.
14% rise in video streaming as people are at home in self-isolation with more time on their hands they can afford to watch artists videos which is a luxury they didn’t have before.
‘Streaming services deliver listeners, not fans whereas fans are the ones that create revenue for the industry.
With people being able to watch more of an artists work they can generate more of a bond with an artists which they couldn’t have done so before through the lives. The fact we are all going through this together signifies that artists are just as scared, vulnerable as the general public. Conversing and having people come on their insta lives to talk to their fans which brings the sense of community within the artists and consumers.
ON the flip side to all of this there has been some positive attributes to this whole pandemic. ‘John Suchet classical fms radio host has been presenting for over 10 years and he states that he’s never received such responses to his show like he has now, with people wanting to feel a sense of community people are engaging a lot more with radio activity. He describes it as “a time like no other’. There has been a more intimate approach which is something the media lacked before the Covid-19 world crisis he presents his show from home he has natural put a different perspective on the way he broadcasts his shows.
Instagram live has seen a boom in the amount of viewers – people playing Giggs online although they are by themselves and its not he same experience as playing a live gig the responses are sent to the artist by chat.
Karsu tells us that she didn’t feel comfortable playing in a dead room and the worse thing about it was that she was used to being applauded after a show, the earyness of a silent room after she played was not enjoyable at all.
The creativity shown by artists, how they are doing live shows.
Some bands have played for the first time in years which would have never been possible unless it was for the way in which the artist interact with their audience.
A-list celebrities such as Ariana Grande and Taylor Swift have actually come out and offered to help put their fans that are in need of help. Donating to those who are struggling financially after loosing their jobs, facing eviction as Americans being to feel financial ramifications of the health crisis.
Grateful fan tweeted, ‘Taylor Swift literally single-handedly saved my ability to stay in New York.
‘Every tour, concert, and music festival that’s been canceled or postponed due to the coronavirus outbreak’
Music Business Worldwide found that global streams from Spotify’s Top 200 chart dropped 11% to 226 million plays in the week commencing March 13
There’s also been an increase in cooking- and housework-themed playlists, showing that people are primarily focusing on family and domestic tasks instead of music intended for get-togethers. Self-improvement podcasts (think wellness, meditation) are seeing an uptick as well.
In the UK there has been a ban in mass gathering over 500 people therefore.
Music Venue Trust reports a 27% downturn in attendance at UK venues already.
The Association of Independent Festivals, an umbrella organisation for events including Victorious, Field Day and Boardmasters, has said ticket sales for its members are down 44% compared with this point last year, with 92% of its members saying the outbreak is impacting their sales.
“hammer blow to the British music industry and threaten the livelihoods of many people”, and urged further financial support from the government.
Artists have had to adapt and do live shows through insta live etc.
Discuss Facebook live events.
Facebook Algorithms and how the change in them can make it harder for grass roots artists who clearly have a lot less money. Opportunities etc.
Insta live battles.
Bandcamp was one of the first companies to make a push to support artists by temporarily waiving its revenue share on Friday 20th March, and allowing any money spent on the platform to be distributed directly to the artist.
The Bandcamp community showed up in a massive way, spending $4.3 million on music and merch—15x the amount of a normal Friday— helping artists cover rents, mortgages, groceries, medications, and so much more. It was truly inspiring.
On May 1, 2020, we did it again and fans paid artists $7.1 million – amazing!
Industry experts and financial analysts are projecting the live entertainment industry will lose billions – an economic fallout nobody was ever anticipating.
‘Cancelling Glastonbury could mean lost revenue of at least £100 million,’ Mark Halstead, partner at financial risk and business intelligence firm Red Flag Alert told Metro.co.uk.
Scrapping this year’s Glasto isn’t just a detriment to the festival itself – it can seriously impact an artist’s career trajectory this year if they were banking on the Pyramid Stage to propel sales of their new album or single.
Live Concerts Won’t Return Until “Fall 2021 at the Earliest,” Health Expert Warns
“You can’t just flip a switch and open the whole of society up… The virus will definitely flare back to the worst levels.”
Bibliography.
References
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