Paris, February 25 2021 – Midem, the home of the global music community, today reveals an exclusive white paper, Livestream and Virtual Live Experience, produced in partnership with TheLynk, exploring the new frontiers of live music.
This exclusive white paper, dedicated to livestreaming and virtual live experiences, captures the essence of current trends and takes a look behind the scenes to reveal the main dynamics that will shape the development of the sector. Based on extensive research, data and conversations with artists and key players from the global music industry, the paper looks ahead, beyond our immediate uncertainties, to an era where livestream is part of our infrastructure and music takes a firmer place in the Metaverse.
The discussions will continue at Midem 2021 during the Midem Live Summit and Midemlab’s Live Music Experiences session.
Midem Director, Alexandre Deniot, says, “As part of our ongoing commitment to supporting the global music community, we wanted to share our findings on the future of livestreams and the virtual live experience as a key element of our ecosystem. By conducting thorough research and sharing the experiences of experts, we want to offer the wider community some critical insights into the latest developments, what’s been working and why and, crucially, what will work beyond 2021. The paper contains priceless advice from the experts on navigating the virtual live world.”
What you’ll discover in the White Paper:
- David Guetta (France):
“…Being able to gather 50 M+ people only on socials and feeling this tremendous engagement, effectively shows the evolution of the way people experience content.”
- Tracy Chan, VP Music, Twitch (USA):
“The number of music creators on track to make more than $25k in earnings has grown 1635% from January 2020 to February 2021.”
- Florian Drücke, CEO, BVMI (Germany):
“The Recorded Music is in a very good position to co-develop interesting aspects of the livestream market.”
- Marisol Segal, Head of Digital Partnerships, AEG Presents (USA):
“Moving into a hybrid model, shows will move from live in a physical venue to live in both a physical and virtual venue.”
- Stephane Werhle, GM, Believe (France):
“If not a significant source of revenue for now, Livestreaming is for sure a way to grow your audience and strengthen the relationship with your fans.“
THE VIRTUAL CONCERT FORMAT PANORAMA – AREAS OF GROWTH
- Live gigs going digital via livestreams and the virtual live experience incorporating computer-altered reality (XR), including Augmented Reality (AR), Mixed Reality (MR) and Virtual Reality (VR)
USAGE & MARKET TRENDS
- Increase in livestreams consumed via connected TVs or Home Entertainment devices
- Move towards a hybrid formula where live sits alongside virtual live
- Booming importance of gaming in music’s virtual live future, reflected by investment in gaming from the majors
LIVESTREAM & VIRTUAL LIVE GROWTH IN STATS
- The livestreaming industry grew by 91.8% across 2020
- Bandsintown report the number of fans watching livestreams up from 30% to 73% with those willing to pay up from 60% to 80%
- Twitch’s music category grew by 550% year-on-year with the number of broadcasters creating music content tripling in the period
THE ECONOMY OF A LIVESTREAM & KEY SUCCESS FACTORS
- Acceleration in development of ticketed livestreams since June 2020 together with fast-growing competition in the monetisation-driven platforms segment
- User Experience, Artist Experience & Vision are essential
- Audience Strategy & Data will be even more necessary than before due to livestream saturation as the market matures
- Cross-selling as a key source of revenue, from bundle tickets to merch, food delivery during shows, brand partnerships & upselling post-broadcast
- Infrastructure & Customer Support – working out what good gig hospitality looks like in the digital realm
LIVESTREAM & VIRTUAL LIVE EXPERIENCE SUCCESS STORIES
- Driift: 15 shows since June 2020 launch. Total ticket sales: 400,000+
- Fantracks: 2 livestreams & 3 Live Recordings. Total viewers: 475,000
- Dice: 5000 livestreams since launch including Laura Marling’s £100k ticket sales
- LIL NAS X in-world concert experience within Roblox: 33m+ visitors
- Producing new formats, narrative, extended creative forms and immersive music experience, levelling up the interaction between artist and audience
- Hybridisation, rather than replacing live with virtual live, via exploring the new frontiers where music meets creative tech
The full Livestream & Virtual Live Experience white paper will be published on February 25 and available to download via https://insights.midem.com/music-business/livestream-and-virtual-live-experience-white-paper/
About Midem – Home of the Global Music Community, Midem is the world’s leading music business event, which unites, connects, serves and supports the global music ecosystem to exchange, create, play, forge relationships and shape the future of the industry. With a rich 4-day programme of conferences, competitions, networking events and live performances, music makers, cutting-edge technology companies, brands and talent come together to enrich the passionate relationship between people and music, transform audience engagement and form new business connections.
About Midem Digital – The Midem digital platform aims to bring the global music community together online to stimulate discussion, share solutions, and achieve a better understanding of what is ahead for our industry in the post-COVID era. It allows participants to seize new business opportunities and network with relevant business partners on a global scale, thanks to international forums and masterclasses by music tech entrepreneurs and artists, as well as conferences with key players in the international music community.
About TheLynk – Founded by Yvan Boudillet, Digital Entertainment Expert with 15+ years’ experience, TheLynk works with international clients across the Music Industry (Live Music, Rights Management, Music Distribution, European Level Institutions) as well as with players connected to Music (Tech, Telecom, Media, VCs). TheLynk is dedicated to drive positive change within the Music Ecosystem by enabling dialog, experimentation and collaboration between Corporates or Institutions, Artists and Startups. It is all about facilitating open-innovation by bridging the gap between Creativity & Technology.