Impact of COVID-19 on Music Industry and What Spotify Can Make of That
It is the fall of 2020 and you are probably well aware of what is going on around the world. With live venues being closed and canceled almost everywhere on the globe comes huge problems to the music industry. It’s changing faster than it ever has before and the live music sector is struggling to make ends meet. So what is going to happen next? Where are the solutions? What are the possibilities? Do you feel that your artistic career has been put on hold? Spotify seems to have an answer to all questions on how to promote music during the COVID-19.
Let’s look deeper into that.
Spotify Working with Ticketmaster and Others
Did you know that Spotify already has been working with Ticketmaster, Eventbrite, and others? How does it work? It is simple when you go on Spotify and you look into your favorite artists it shows you when they are coming to play in a venue near you. It seems that Spotify wants to take it even further. There is a huge growth in online performance especially now with a lockdown.
How much money can live venues bring in?
Did you know how much money was made in 2019 on live music? Hold on for a second you are going to be smashed by the answer. That was 25 billion dollars of revenue. So now there is a competition between online platforms to get the revenue into their pockets. Spotify, Facebook, Apple, LiveNation, everyone in on that race.
Is On-Line Performance Our Real Future?
Did you know that recently K-pop band BTS streamed the largest online performance with 750,000 tickets sold? The tickets were priced a quarter of their regular, live, price. After all, the band made 20 million in one day. Think about it. 20 million dollars. There were six different cameras, there was an interaction with the audience, they were shouting out, they were answering questions. There was an atmosphere of a real concert. And the amount of revenue goes beyond your imagination. Besides that, think that they did not have to pay hundreds of people they would pay at a live concert. People working in a stadium to help the crowd to get to their seats, selling drinks, and doing other stuff. So all the income went to the band minus some insignificant amount spent on digital realization of the performance.
Spotify Gets Into Online Performance.
Spotify is well aware of the event described above and you know that Spotify is number one in the world music industry. Spotify is your first stop when you go to get your music today. They do not sell tickets yet but wait we see it is coming. Spotify has over 300 million active users and it is worth it to become a one-stop for all music needs. All it needs just to tweak a little bit on the contracts. We do not have a crystal ball and therefore we can’t say for sure but we see that the online era of music performance is coming. And we see a huge amount of money on that table. Who is going to win? Time will tell but in our opinion, Spotify is a giant that is going to dominate in there.
You may focus on your efforts on fans or a particular genre depending on whichever you find more effective. Genre targeting will give you a better chance of gaining newer fans. If you choose to target fans, include some artists in your genre or who sing a similar style of music. Artists can adopt Facebook’s Audience Insight Tools to target a specific age and gender.
Spotify Ad Studio Reports And Their Uses
Spotify Ad Studio will provide reports such as Ads Served, CTR (click-through rate – the number of people that clicked your ads compared to the number of people that received it), Number of clicks, Reach of Ads Served, and Frequency of Ads Served.
You or your management team must constantly track the performance of your ads to determine your progress. However, they shouldn’t neglect to track your Song Saves, New Followers and Playlist Adds. The latter is a determinant of the artist’s long-term success.
We know that getting access to these curators might be difficult and that is why we have decided to put everything in place for you. Playlists curators are busy people who have to attend to hundreds or thousands of emails from different sources. So, if you don’t have a personal connection with them it may be extremely difficult to get noticed among the swarm of mails.
Also, there are thousands of playlists on Spotify and you are probably uncertain about the best one that will push your music promotion to the desired target. To identify the best playlist choices, you’d need to spend all your time combing through the streaming platform. Since it may be too much work for you, we can help out.