Music Business Post-Covid: The New Normal
The world as we know it will experience significant changes in the coming months, with a shift in business models. The one big outcome as we begin to ease up the lockdowns in different countries globally, is to limit the transmission of the virus, by increasing social distancing, mandatory use of face masks, maintaining good hygiene and promoting healthy living. This, I am afraid, is the new normal.
Yes, these are unprecedented times, and it will require unprecedented responses across all sectors, including the creative industry.
What will change?
The Medium – The access to fans worldwide will see a significant drop, especially where physical access to more than 50 people is required. Private and Public gigs, Shows, Concerts, Festivals, you name it. This already means drop in ticket sales and revenue, drop in performance royalties, and relative drop in brand endorsements as all sectors take the hit.
The Platform – Digital will become the mainstay revenue generator for independent artists and big labels. Yes this is not new to the music industry, who has been at the forefront of creating opportunities to link contents and their creators with the consumers - the fans. While this is true for the advanced economies, it is still farfetched for Low- and middle-income countries in Africa and Asia.
The Opportunities – Anyone can “blow” now. Yes anyone can become the next superstar in the digital world, but it has to be strategic. While businesses embrace measurable online advertising inventory or endorsement opportunities, content creators now have a unique opportunity to deliver targeted assets, grab maximum visibility and unveil insight driven promotions of their musical works. In my words “it is easier to manage expectations online” But you must be guided.
What To Do Now?
Digital Footprint – You must establish a digital footprint, not just for yourself/brand but for your contents. Let’s face it, Digital can take you and your contents where your legs can’t reach. So you can be rich and famous at the same time.
Do it Yourself
You can monetize and promote your music all by yourself, yes, our technology helps put the power in your hands to control your rights and your revenue. TuneAfrique issues unique codes like ISRC and UPC, that allows us to track your music on all monetized platforms, help you collect your royalty and pay out timely. Our team of highly experienced music enthusiast are always on standby to give you 24/7 support and answer any questions you need. Sign up HERE to begin the new normal.