With
the multi-day concert festival season coming to close this year, live events
have taken a major step in concert experience levels this year. After Jay-Z
successfully broadcasted his concert live from Brooklyn, NY to over 50,000
people on YouTube, the notion of being able to watch a concert without having
to buy a ticket brought a new facet to the music industry business model.
Festivals like Coachella that broadcasted and created a full hologram concert
with Tupac to now Austin City Limits broadcasting a multi-camera, TV quality
concert series over the course of three days is a major indication that a
multitude of revenue streams are being discovered for future, stable income
sources. These broadcasted concerts allow people to still experience some of
their favorite artists live in the comfort of their own homes, not have to
stand in a crowd or consume overpriced concessions, commute to the event and
most importantly purchase a concert ticket.
I
was at first skeptical that concert ticket sales will decrease from live
streaming and as a result push concert ticket prices up in order to make up the
lost revenue of quantitative purchases. However, for festivals like Austin
City Limits, the $200 tickets sold out after an hour going online and had over
a million people in total stream in to the concert for an average time frame of
just over an hour (Associated Press). With advertisement banners in front of
consumers for that long of a time period is major extended face time for
advertisement sponsors. These advertisement spots do not even have to make up
for lost ticket sales because the ticket sales for concert series like Austin
City Limits sold out; therefore, this is an additional revenue stream for the
concert that is also a great advertising opportunity for the festival itself
for future consumers. However, some artists will not agree to the live
streaming because they dislike the notion of being on live internet-TV. Artists
claim it provides a “historical archive” performance where people can go back
to judge the performance and create an incredibly meticulous, high-standard
audience across all genres (Associated Press).
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