Virtual World: The Future of the Music Industry

From K-Pop Stars BTS hosting Bang Bang Con: The Live to a virtual pay-per-view audience of 756,000 fans

… to Travis Scott’s appearance on Fortnite amassing 12.3 million players who witnessed his performance …

Global collaboration brings copious amounts of attention

… it seems that music has been the perfect comfort blanket throughout this pandemic.

And with this virus situation bringing along sombre and dark thoughts to our music, its industry and surrounding workers, it has also seemingly brought about aptitudes of opportunity and reassurance.

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A recent study conducted by OnePoll with HARMAN, found that music is the number one way for people to cope in stressful situations.

81%

… have said that music has helped them get through the pandemic

64.2%

… have said that watching virtual music performances helped them feel connected to others during lockdown.

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“The explosion of virtual shared music enjoyment is one of the more unexpected gifts of this crisis.

It has progressed in the past six months more than it may have developed in the next six years under ordinary circumstances, opening up countless unexplored avenues for development.”

DAVE ROGERS, HARMAN Lifestyle Division

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With virtual tours, reality shows and futuristic online concepts becoming the new normality to how we access and see music performances, is this is what to be expected in the future?

What to Expect in 2024: Streaming leading the pack … as physical sales fall again

Global Entertainment & Media Outlook 2020–2024

Drawn directly from pwc, this outlook gives a detail outlook on what effect COVID will have on the entertainment and media industry.

Streaming remains the industry’s headline story, and while the segment as a whole will continue to expand despite disruption from COVID-19, the rate of growth will slow as streaming products reach less-developed markets at necessarily lower price points.

It seems that North America will remain the world’s largest music market until 2024, with streaming remaining the imperative function for the industry to survive after COVID regulations.

With physical sales taking a dive from -60.4% from 2015, it seems that even streaming will slow eventually too, with less-developed markets being reached at lower price points.

For further review, you can look at the report below:

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